The market is red hot. Like really hot.
In the midst of a pandemic the San Diego housing market is not only resilient but in many respects defying the odds. Record low rates, anemic inventory, and tons of buyers getting back in the search as the essential business of real estate continues to operate under strict protocols and procedures set forth by the California Association of Realtors, the real estate market is, well, booming.
What to expect
Sellers who have placed their homes on the market are understandably nervous or worried about the Covid-19 pandemic that has recently seen increased cases in San Diego. Realtors are under tremendous pressure not only to provide service at the highest level possible in a market that is seeing unprecedented demand, but now have the added responsibility to ensure that clients and visitors are staying safe and complying with the state mandated requirements and providing additional disclosures to make everyone aware of the inherent risks while touring homes.
I can say from experience that this is creating an additional stress on buyers and sellers. On the one hand, every listing agent wants to accommodate every showing request possible and every buyer would like to get in when it’s convenient for their schedules. This is becoming more and more difficult to achieve responsibly. With so much at stake, responsible listing agents like myself are taking extra care to schedule blocks of time for tours that are sufficient for a buyer to tour without the added pressure of having others looming over your shoulder and creating additional risk of exposure to the virus. Furthermore, all buyers agents and visitors are required to sign entry forms stating that they do not have the virus, agree to wear a mask, practice social distancing and an assumption of risk due to Covid-19. In some cases, you must have a pre-approval in hand from your lender before an appointment is granted. This crates additional stress for buyers who may not be informed about the process and often miss out on opportunities.
All these precautions are taken with good reason. If you are buying or selling, prepare yourself with the help of an experienced, responsible and ethical Realtor. You will be better off for doing so and frankly, your successful purchase or sale and your health may depend on it.
Stay safe out there.
Quick tips: Buyer’s
- Wear a mask, carry extras in your car
- Bring hand sanitizer
- Build a relationship with one Realtor so expectations and communications are clear and consistent. Also helps limit exposure.
- Qualify for a loan, build a strong relationship between the agent, lender and yourself.
- Be prepared for competitive multiple offer situations.
- Know your numbers. Set your budget. Draw a line in the sand for yourself.
- Ask for all the information before going. See the photos, virtual tour, Google Street view, drive by, offer situation, deadlines for submission, seller terms, and anything else that is crucial to your home search.
Quick tips: Sellers
- Hire an experienced real estate professional.
- Virtual tours help to limit exposure allowing buyers to view the home interior without ever stepping foot inside. Ask your Realtor of they provide this service.
- Set rules for showings.
- Be clear about your move out expectations.
- If you are also planning on buying, check with your lender to see what your options are and if selling is necessary before buying. Many sellers are caught off guard when they enter the buyer role after they’ve sold their home. Many sellers are having to rent in the interim.
- Be prepared for high traffic.
- Set out hand sanitizer or setup easily accessible hand washing station.
- Have a strong line of communication with your Realtor.
There are many other things to consider to list and everyone’s situation is unique. Contact Realtor Erick Salgado for more information on how to be successful and stay safe during a covid-19 hot market.