To say that these are uncertain times is an understatement and you may be hesitant when considering entering the real estate market. We are living through a unique event in history and it’s understandable if you’re a bit apprehensive about what lies ahead during this time in the real estate market whether you are buying or selling real estate. If you’re feeling a bit lost about how to proceed, you’ll find the following 6 things everyone should know about buying and selling in Westchester County NY during coronavirus.
One thing you should know about buying and selling in Westchester County NY during coronavirus and the uncertainty in the economic outlook is that those that have the option to delay a move are doing so for at least a few months. This means that, while not necessarily true, there is a perception that the seller must be under certain economic or legal pressures and needs to sell. This has the potential of driving negotiations towards an overall lower final purchase price. Conversely, you should know that some buyers and sellers need to make their move quickly in Westchester County during coronavirus. This could be due to changes in employment, downsizing, move up home or personal issues such as caring for a family member in another location.
Home sales made a noticeable jump in July, as buyers are spending more time at home due to COVID-19, they are searching for more comfortable suburban surroundings. Due to changes in the economy brought on by these circumstances, credit has been affected negatively across economic classes of the entire market. This means that less of the population will meet the standards that are required by most traditional lenders. For this reason, it’s important that you know about alternative financing options when you are either buying or selling in Westchester County NY during coronavirus. Being open to creative financing on the part of both parties will widen the potential of finding the right buyer.
Another thing you should be aware of buying and selling in Westchester County during coronavirus is how to keep safe during the process. It's scary to think that someone walking through your home could endanger you and your family members. Discuss with your local real estate agent what can be done to prevent bringing someone showing signs of illness through your living space. You can prevent unnecessary contamination of common household surfaces during showings by requesting that your agent be the only person who touches any surface. Likewise, you can ask that all present wear protective gear. you’ll also need to ensure that you can rely on them to wipe down or spray any surface they or their client may have inadvertently touched.
Empty Is "KING!"
You should know there is value in the fact that a home has been sitting empty for those selling in Westchester County NY during coronavirus. Having a quarantine period of at least two weeks alleviates concerns about disinfecting every nook and cranny of a home after a showing for a seller or before moving in if you are the buyer.
Something else you should know about buying and selling in Westchester County during coronavirus. Many sellers are requesting that only their listing agent show the home. Another way to keep a low number of people inside your home is to ask that only two people per showing be allowed. While often the buyer’s agent is not in favor of this arrangement, special allowances may be made at this time.
Given the technology of today, you’ll also want to be aware of everything possible about potential buyers when selling in Westchester County NY. For those who are tech-savvy and want to go at it on their own, while it may look easy, you’ll want to be certain that you keep within all of the local, state, and federal laws that govern real estate transactions. It is difficult but you will need to investigate just who you’re accepting an offer from. Likewise, you’ll need to go into the process open to the possibility of online scams. Before finalizing anything by signing on the dotted line, you’ll want to meet face to face with the principals in your deal and do very careful research of county records to ensure you’re actually dealing with the owner of the property in question.
Let Astor Lane Realty help you quickly and safely through the process without all of the headaches and concerns. Whether you’re buying or selling in Westchester County during coronavirus, we are here to answer all of your questions and help you every step of the way! Send us a message or call Astor Lane Realty at 914.341.2998 today!