How does a real estate transaction work right now?
How does a real estate transaction work right now? Answer: It changes every day.
The California Association of Realtors, as well as local associations, continue to work with county Departments of Public Health to provide and update directions for safely showing and selling properties. Current guidelines emphasize the importance of limiting face-to-face contact by all parties, including sellers, buyers, and agents. Showings should first be done virtually wherever possible, and property access by appointment is limited thereafter.
Buyers are adjusting to using listing films, floorplans and 3D tours to study properties in detail prior to requesting a showing. Sellers appear to be pricing slightly higher to accommodate fewer offers and less competition, which typically drives price upwards. Agents are managing virtual showings by providing zoom tours and expanded digital marketing materials to accommodate the virtual showing mandate.
Despite the pandemic affecting health outcomes worldwide, as well as turmoil in the employment market, in the Bay Area the real estate market is still robust. Prices remain strong, particularly for Single Family Homes, at levels at or slightly higher than at this time in 2019. Some properties still receive multiple offers, and with marketing preparation allowed again, including staging and painting, we all expect the market to continue at a strong pace throughout the fall.