Debunking Real Estate Myths During COVID-19
Updated: Apr 13, 2020
In recent weeks, Washington has been under a shelter in place order, known as the “Stay Home, Stay Safe Order.” As most business has been reduced to “essentials only,” there has been a lot of confusion over where real estate transactions fit into the current situation.
Today, we’d like to debunk some myths about what is and isn’t happening in real estate right now. Read on!
Myth: It’s business as usual in real estate.
Fact: False! Real estate agents are following strict guidelines set forth by the “Stay Home, Stay Safe Order,” the Centers for Disease Control (CDC), and the Spokane Association of Realtors (SAR). These guidelines include limitations on the number of people allowed on a property and a strict adherence to social distancing guidelines.
These guidelines include:
No more than 2 people at a property at a time, including the agent/broker. Additional parties must wait outside until the first person exits.
All in person viewings and meetings are to be by appointment only.
All persons involved in an in-person transaction are to remain at least 6 feet apart at all times.
Myth: All real estate transactions are currently on hold.
Fact: False! Real estate transactions are not on hold. By following the guidelines outlined above, all stages of a real estate transaction, for both buyers and sellers, are able to be conducted. This includes pre-listing activities (staging, photographing, etc.), appraisals, inspections, showings, and contract negotiations and signing.
Myth: Real estate transactions can only be conducted “virtually” - no in person viewings are allowed.
Fact: False! In-person views are considered an “essential” activity and can take place.
Remember, viewings will be by appointment only, with a maximum of 2 people including the agent. This means that sellers will need to leave their house during a showing, and couples/families cannot view a property together, they must go one at a time. This does not require multiple appointments; one person can go in with an agent while the other waits outside or in their car, then the next person can enter once the first person leaves. A mask and gloves are recommended.
If you’d rather not have potential buyers coming into your home, or would prefer to have a video walk-through sent to you, that’s great too! We can provide video walkthroughs of properties (with seller permission) that you can view and share right from home.
Myth: This is a bad time to sell your home.
Fact: False! Inventory, or the number of homes actively listed for sale, has remained low in Spokane. This means that each buyer has fewer available options, and increases the likelihood that any given buyer will consider your home. This may result in competing, and therefore higher offers.
The State of Real Estate in Washington
In light of the COVID-19 outbreak, residents all across the state have been staying home and practicing social distancing. We strongly believe that these measures are vital to a quick and minimally disruptive recovery.
Have more questions about how real estate transactions are being conducted in Spokane during the COVID-19 outbreak? Don’t hesitate to give us a call - our team is here to answer your questions and help you determine the best course of action for your sale or purchase.
The Real Estate Agent Spokane Team
Carrie Meyer, leader of the Real Estate Agent Spokane Team, transferred to real estate after a 30+ year career as a paralegal (Certified Legal Assistant). Her combined experience in law and real estate makes her a tour de force in contracts and negotiations.
Wendy Smith, team member, has lived all over the country before finding her forever home in Spokane. Wendy pairs her real estate experience with a background in customer service to provide an exemplary client experience for both buyers and sellers.
The Real Estate Agent Spokane Team is dedicated to sharing and promoting everything great about Spokane! We believe that Spokane is the best city in America, and there are so many reasons why. That’s why we dedicate our blog, Facebook, and YouTube channel to highlighting the best that Spokane has to offer. Be sure to follow along with us for more insider updates on events, dining and nightlife, and outdoor activities in Spokane.