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Buying a house in the time of Covid-19

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This Pandemic shows no signs of stopping, and it continues to be present, radically changing the social paradigm of living.

Nobody knows when the rules of social distancing and travel restrictions will be reduced and if, or when, the economy will recover from this unprecedented shock. Economic conditions change every day, data on unemployment and downsizing or company closures are important, but experts say that this can be a good time to buy and sell real estate as the seller wants more liquidity and the buyer is looking for a new safe-haven asset.

There is no doubt that buying or selling a house in times of pandemic can prove to be more difficult, due to the normal mechanics that regard these transactions, but in some ways, it can be easier.

Today’s transactions are greatly facilitated by technology

To cite just a few examples, virtual tours are replacing the in-person visit, more and more buyers participate in a video conference to visit home and agents are increasingly using technology to reach new customers, not only locally, but also internationally. The technology that transforms 360-degree panoramic photos of properties into 3D virtual tours is also enjoying considerable success. Major listing platforms are seeing a surge in three-digit 3D tours compared to the pre-Covid period. In the era of digital signature, remote transactions are finally possible and have been completed successfully (for more information about the remote purchase, you can read more here).

As for the financing for the buyer through the mortgage, we are experiencing a particular period where despite the interest rates are low to the minimum, there is still an underlying uncertainty regarding the disbursement of the money since many people risk losing their jobs. Unfortunately, confirmation can be found in the numerous layoffs that have occurred due to the closure of many, too many companies.

A positive fact is that the millennial generation is aging and once this situation is somehow resolved, real estate trading could be at the top of the list of choices that present themselves for the first time in these people’s lives, also thanks to the life events, such as, for example, the birth of a child.

Life goes on, and the home is still at the center of social living.

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