5 Questions Naples Buyers Have During the Coronavirus Outbreak Answered
5 Questions Naples Buyers Have During the Coronavirus Outbreak Answered
Everyone is being affected in some manner by the outbreak of Covid-19 coronavirus. During this
time, I want to address 5 questions Naples buyers have during the coronavirus outbreak compared to the normal home buying process. While we can’t predict what the next few weeks and months will bring, the more we can educate ourselves, the better we can help buyers navigate the buying process smoothly during the pandemic. Here are a few common buyer questions as they related to the Coronavirus outbreak and real estate answered.
#1 Can we still go see home listings in person?
This is the hardest question to answer and it will depend on the home, the seller, the agent and any fast-changing governmental policies put in place. Currently in Naples, real estate is considered an essential service, so we are able to practice all the real estate services. That being said, we are offering a Skype or Face Time home tour virtually. To be honest, we do this ALL times of the year for our customers since a lot of our buyers are out of State.
If you’re wanting to see a listing talk to your agent to find out what they have available for the buyers to prescreen the home virtually before setting up the visit; they might have virtual tours already
available which can help rule out those that don’t suit their needs.
#2 How can I stay safe while visiting homes?
Everyone’s health has to be the priority; this includes the buyers, sellers, and agents. If you are going to see a home in person during this time, carry hand sanitizer and wipes to use before, during and after the tour. Drive separately from your agent meet at the homes. During the tour, designate one person to open doors, drawers, and closets and use disposable gloves during the showing. The GOOD NEWS? A lot of Naples homes are vacant – to be overly cautious set up appointments to only see the vacant homes in person and have your Realtor get virtual tours of the other homes on your list.
#3 What happens if I lose my job during the escrow period?
I honestly JUST had this happen, this is why working with a KNOWLEDGEABLE REALTOR is SO SO SO important. In our case, we had a few ways to ensure the buyer’s got their money back – and they got every last penny of their $50,000 deposit!! There are options for setting up contracts to protect the buyers deposit monies whether you’re paying cash or financing. I’m helping to answer your questions on the extra ways we do that for our customers.
Most real estate contracts include a contingency that protects the buyer in the event they can’t get final loan approval and close the loan. Typically during the process, this contingency is removed after a set time frame, or after receiving the loan approval. Since every aspect of real estate is negotiable, consider asking for the contingency deadline to be extended and in place until the close; talk through this aspect with the seller and their agent in advance to set the right expectation.
#4 Will I still have access to the home during the escrow period?
It’s very common for the buyer to have easy access to the home during the escrow period; home inspections, appraisals and just measuring are all common reasons to visit the home during escrow.
Consider grouping these activities whenever possible. We have been getting creative and limiting the amount of people around each other at the same time. It takes some creativity but nothing to hold up the buying / selling process.
#5 Will I get a better deal if I wait to buy a new home?
This is the MOST common question I am asked daily during all of this. Interestingly enough, my broker sent out an email today saying ” properties are still selling and closing everyday and the number of pendings coming in is remarkable!” Many of these Naples home sales are the high-end market, which are probably stock market funds. However, the $300,000-$500,000 range has also been very strong.
We all know there’s no crystal ball, but with everything that’s going on, sellers on the market should be very motivated to sell. There are also historically low-interest rates on home loans. There is no way to predict the future, so if the right home comes along, it makes sense to consider it.The Covid-19 outbreak is causing some uncertainty among home buyers, sellers, and even agents. However, with the use of technology and following best practices, you can still find the home you’ve been waiting for during this time.
Interested in seeing what’s on the market from the comfort of your couch? Just send call me or send me a text at 239-776-0093 and I’ll send you some info.
* Spoiler alert – I have a NEW listing coming up – 5 bedroom for $425,000 in North Naples! Interested in getting a virtual tour before it hits the market? Let me know!
