Thursday, August 13, 2020

Real Estate Practice Changes due to COVID-19

The COVID-19 pandemic has turned the modern-day economy on its head with local businesses struggling to stay afloat and significant events getting postponed indefinitely. However, when it comes to the Real Estate industry, the story has been quite different. Real estate's unique ability to adapt to the changes brought on by the pandemic has led to an increase in existing home prices for the month of June according to data from the National Association of Realtors®. 

Virtual open houses use 3D imaging to show customers' homes from the inside and outside. Fully online consultations on platforms like Facebook Live, Zoom, Microsoft Team, and Skype allow for paperwork, which is usually done in person to be done entirely online through e-files and e-mail. As a result, these adaptations have allowed real estate to continue operating while adhering to the social distancing guidelines put forward by the Center for Disease Control (CDC). 

Phil Georgiades is the CLS for FedHome Loan Centers, a brokerage specializing in First-time buyer home loans. He has been practicing real estate professional for 22 years. To learn more about programs available to you or apply for a home loan, click here

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