Buying a home can be one of the most stressful experiences a person can have. The process involves several stages that can be difficult to traverse. Purchasing a property is difficult enough, but having to do so amid the COVID-19 outbreak can add a completely new level of complications. The good news is that it is possible to manage your home purchase during this unprecedented time. Here is what you need to know about navigating your Arizona real estate transaction during the global pandemic:
Housing Supply and Demand
Despite recent events, there continue to be properties for sale on the Arizona market and interested buyers. Interest rates have dropped significantly for mortgage loans giving buyers more incentive to purchase. The supply, which had been critically low in some Arizona cities, has opened up somewhat, giving buyers more options. Sellers continue to have the pricing advantage in the more popular cities. However, the average housing costs may be leveling out in areas such as Maricopa County, making homeownership slightly more affordable.
Virtual Property Tours
Potential homebuyers who are wary of going inside someone else?s home, have been relying on virtual property tours. Some real estate websites have very sophisticated 360-degree views of their listings. Realtors are also conducting live stream open houses. While using the internet is safer than seeing a property in person, it can be challenging to make a purchase of this size without having actually been to the site. Arizona realtors are permitted to hold open houses and take prospective buyers into homes with the seller?s permission. With multiple options available, buyers and sellers can operate within their own comfort levels.
Inspections and Repairs
Once under contract, inspectors can come to the property and perform their work so that the buyer can decide if they need to ask the seller to make any repairs. If repairs are agreed upon, those performing the work will be able to come to the home as they would during any other housing transaction. Workers will also be required to take additional precautions when inside the property.
With social distancing, you, your real estate professionals, escrow agent, and the other party are going to conduct the various aspects of closing carefully and mindfully. Numerous safety measures can be taken to help ensure that everyone is safe during your transaction. Documents can be emailed, notarizations can be done virtually, and couriers can be used to deliver documents. After all the necessary documents are signed, you could be provided with a receptacle in which to throw away your gloves and then be supplied with anti-bacterial hand gel.
Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise you will need at every stage of your real estate transaction.? If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.