The National Association of Realtors recently surveyed real estate agents from throughout the country to get a better idea of what the real estate market is looking like in the midst of the coronavirus pandemic. Through use of a survey, these agents report a 48% decrease in buyer interest due to concerns about COVID-19. However, these same agents expect buyer interest will increase as a result of low mortgage rates.

How can buyers look at homes during a pandemic?

Those who are interested in purchasing property have options. Buyers could begin their search with virtual tours. This can give a prospective buyer an idea of the layout and basics of the property. If doing an in-person tour, it may help to bring wipes and avoid touching doorknobs, light switches and surfaces as much as possible.

The parties to a real estate transaction can also navigate the nuances of the sale remotely. If the seller accepts the buyer’s offer, the parties will draft real estate sale contracts. These documents often include the offered price, earnest money, response time, proposed closing date and may include a set number of days for due diligence. This is often set for 15 days. Once completed, the parties move forward to closing. The closing generally involves signing the needed paperwork to finish the transaction.

Are there any concerns?

It is a good idea to have a real estate attorney review and walk you through the legal documents. This can include a thorough title search. Taking these steps can mitigate the risk of any surprises after closing is finalized.