Real estate has become more virtual in recent weeks, as residents in all 50 states are under stay-at-home orders to slow the spread of the coronavirus. It’s critically important to follow federal and state guidelines to fight the virus, but there are ways you can stay engaged with clients, show homes, and meet critical deadlines without in-person meetings. Mabél Guzmán, NAR’s 2020 vice president of association affairs, shares her extensive experience with virtual showings.
But while such innovative methods can keep transactions on track, social distancing guidelines still cause a snag when it comes time to gather at the closing table. Enter: drive-thru closings. Title insurance companies are employing a method used by fast-food restaurants, enabling buyers and sellers to sign documents from the comfort and safety of their car without risking exposure to COVID-19. These measures aim to keep home sales healthy through the pandemic. Speaking of which, pending sales in February, released today, showed strong housing demand. Although March numbers will certainly begin to reflect the challenges the pandemic is creating, today’s numbers are a good sign that the underlying fundamentals of the market are strong.
Now that the federal government’s $2 trillion stimulus has been signed into law, real estate pros around the country are asking an array of questions, from how to apply for so-called Pandemic Unemployment Assistance as independent contractors to how to take advantage of relief for small businesses. It will take time for the federal and state governments to implement these measures. NAR will be here to help with FAQs that will be updated as details become available.
For the latest information NAR has about all aspects of COVID-19 and real estate, keep monitoring nar.realtor/coronavirus.