It is March 2020 and the world is in partial shutdown due to COVID-19. Businesses and consumers alike are required to adapt or come to a complete halt. Real estate is a field which is not exempt because it is connected to so many variables such as employment and financing. As a buyer or seller in this current market, you may now find yourself in a state of uncertainty. Panic should not be resorted to at this time. Instead, we can all survive this period in real estate by staying safe, being informed and remaining calm.
Safety should be the first concern for everyone at this time. It is vital to follow all instructions from health professionals. While this involves personal hygiene measures such as washing hands correctly, it also requires keeping dwellings sanitized, and practicing social distancing. Ensure that, even in your limited interactions at banks or other professional offices, you consider all of these practices and act accordingly. Adhering to government policies is also critical. Persons may find this a bit distressing because some rules may hinder their ability to complete the purchase or sale of a property. Here is where we must think long term. If you or anyone involved in your transaction becomes ill due to exposure to COVID-19, it can delay or completely cancel everything. Taking precaution and following the rules minimizes the risk of contracting the virus, and allows you to continue on in your real estate pursuits.
Also, it is important to remain informed on all real estate matters which may affect you. Whether you are just starting your real estate journey or have already completed some of the necessary steps, find out what is happening and what is next. There may be documents outstanding, or you may have missed a correspondence from your agent. Do not allow tasks that can still be done to remain undone. Another important step to take is to find out how all of your vendors’ procedures have changed due to the current regulations. It is likely; financial institutions have reduced working hours, real estate agents are no longer able to take you on physical property tours, and lawyers still need documents signed and sent to them. Many of these things can be done digitally. Find out how everyone has adjusted their way of doing business so you are not left out in the cold. At this time, knowledge is truly power and you have the power to keep your real estate dream alive.
Finally, after finding out what you can do and how you can do it, proceed with caution and calm. Many lives have been altered due to temporary unemployment. Reassess your finances, for at least the next six months before spending money to start a process you cannot successfully complete. Being financially healthy is important during and after this pandemic. You will also find it necessary to relax by embracing the positive aspects of this time. Panic and anxiety may be the emotions that you reach for when you are unable to go out and view a property, or you have no word on whether your mortgage has been approved or not. Find the positive in this situation, enjoy family time or time alone, or take this opportunity to plan the things you always wanted to. It is wise to put negative feelings aside and live like tomorrow will be brighter than today.
COVID-19 is new territory for the world, but through every crisis we find ways to keep going. I’ll be here, during and after, to help you with your real estate needs.
HERE ARE YOUR ACTIONABLE STEPS:
Stay Safe
- Follow health and safety instructions
- Adhere to government policies
Be in The Know
- Find out what your current and next steps are
- Ask your vendors about their current procedures
Proceed with Caution & Calm
- Reassess your financial situation
- Embrace the positive
