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While the COVID-19 pandemic has delayed real estate transactions for some people, housing markets in many areas of the country are showing a strength and resiliency unimagined earlier this spring. It is critical to understand the pandemic’s impact on real estate, from simply touring a home to the ability to close transactions.

As the situation continues to evolve, the Silicon Valley Association of REALTORS® encourages buyers and sellers to follow CDC guidelines to protect their health and safety. Below are some important tips on buying and selling a home during the pandemic from houselogic.com:

What Buyers Need to Know:
Home tours look a little different
–Where in-person showings are offered, potential buyers can expect quicker tours and asked to take extra precautions, such as removing shoes, using hand sanitizer, and refraining from touching items in the home. Many REALTORS® also are guiding buyers through virtual home tours.

Interest rates are low –Interest rates remain at all-time lows and home prices are rising or holding steady. As more people file for unemployment, however, mortgage lenders have tightened lending standards. Potential buyers can prepare for homeownership by understanding their budget, building a good credit history, and getting prequalified for a mortgage. Some lenders allow borrowers to lock in interest rates for limited time periods.

Don’t expect a discount –Home prices in Silicon Valley are holding steady, with majority of prices higher from one year ago, according to local multiple listing service MLSListings. The median sales price of cities in the county are exhibiting double-digit percentage increases year-over-year. Days on market for most cities are down to the single digits, a sign that homes are selling quickly. The sales-to-price ration averages 102 percent.

Expect delays –Those terminating a lease should leave some wiggle room, even an extra month or two, between moving out of a rental and into a new home in case of an unexpected delay. Hiring moving crews may prove challenging, so buyers should give movers as much notice as possible ahead of their scheduled move.

What Sellers Need to Know:
Use tech tools to help market and show your home
– For sellers uncomfortable with in-person showings, many digital tools are available to help them continue marketing and showing their home. A REALTOR® can help coordinate three-dimensional interactive property scans, virtual tours (either pre-recorded or live), on-demand open houses, and virtual staging to showcase their property. If sellers receive an offer on their home, their REALTOR® has the ability to present it to them virtually.

Take steps to protect yourself – “Sight unseen” purchases are not a new phenomenon, but this pandemic has certainly increased their prevalence. Sellers may want to include language in the purchase agreement that ensures buyers acknowledge they are responsible for personal verification, walkthroughs, and professional inspections to confirm that the property meets their needs.

Buyers are still searching – It continues to be a competitive market due to the limited supply of homes for sale. As potential buyers increasingly browse homes online, having attractive and accurate photos and videos is even more important. Sellers can use this extra time at home to make updates around their home and take fresh pictures of those improvements.

For more information and resources on buying or selling a home, visit www.houselogic.com.

The National Association of  REALTORS® (NAR) Board of Directors today strengthened REALTORS®’ commitment to upholding fair housing ideals by approving a series of recommendations from NAR’s Professional Standards Committee that extend the application of Article 10 of the Code of Ethics to discriminatory speech and conduct outside of members’ real estate practices.

Article 10 prohibits REALTORS® from discriminating on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity in the provision of professional services and in employment practices. The Board approved a new Standard of Practice under the Article, 10-5, that states, “REALTORS® must not use harassing speech, hate speech, epithets, or slurs” against members of those protected classes.

The Board also approved a change to professional standards policy, expanding the Code of Ethics’ applicability to all of a REALTOR®’s activities, and added guidance to the Code of Ethics and Arbitration Manual to help professional standards hearing panels apply the new standard.

Finally, Directors approved a revision to the NAR Bylaws, expanding the definition of “public trust” to include all discrimination against the protected classes under Article 10 along with all fraud. All REALTOR® Associations are required to share with the state real estate licensing authority final ethics decisions holding REALTORS® in violation of the Code of Ethics in instances involving real estate-related activities and transactions where there is reason to believe the public trust may have been violated.

These changes are effective immediately, though the changes cannot be applied to speech or conduct that occurred before today. NAR has produced training and resource materials to assist leaders with understanding and implementing the changes and will be rolling those out in the coming weeks.

READ MORE HERE, INCLUDING FAQs

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