CINCINNATI (FOX19) - The home buying and selling process have changed recently due to the coronavirus pandemic, but in some ways, it’s not necessarily a bad thing.
If you’re in the market for a new home, you’re not alone. There are more buyers than sellers not only in the Tri-State, but nationally too.
That is good news for sellers, especially with home prices up 9% over this time last year.
But it's not all bad for buyers either.
“Rates are still really low-all time lows,” explains HR Real Estate Co-Owner Clay Horan, “So it’s really helping the buyer have some buying power.”
Horan says the market has been strong all year, despite the pandemic.
Changes have been made to the buying and selling process.
In addition to safe cleaning practices for sellers, more people are choosing virtual tours. They are also limiting the length of a home tour and eliminating overlapping tours.
They also ask if you bring someone to the tour, it’s only decision-makers.
“There are a lot of things that we can do virtually,” says Real Estate Agent Jessica Kirkpatrick, “But a decision of this magnitude a lot of times the buyer has to see the house in person.”
Horan thinks some changes could be permanent. He adds inspectors and appraisers are working quickly and oftentimes alone in the home.
“I think a lot of the practices that have been put in place are for the good," explained Horan. "And I hope they do stay in place because I think they do benefit everybody from a health standpoint.”
Kirkpatrick sold her own home recently. . . within 17 hours.
She was planning to sell since earlier this year and didn’t hesitate once she completed some upgrades.
“I knew that there were tons of buyers out there still and the mortgage rates are historically low and now is a better time than waiting a couple months when I’m not really sure what the future has in store,” Kirkpatrick said.
Even with restrictions on showings, 12 people were able to look at her home in the short time it was on the market.
Horan says as long as everyone takes the proper precautions this essential business will continue to thrive.
“If you feel like you might have COVID symptoms, I highly suggest seeking professional opinions and making sure everything is safe before allowing people in and out of your home,” Horan said.
Horan and Kirkpatrick say as you have the right professionals to guide you through that process, it should still be a very exciting time in your life whether you’re buying or selling.