The COVID-19 pandemic has impacted numerous industries throughout the world, and real estate is no exception. Because meeting face-to-face with home buyers, sellers, agents, and other professionals is an integral part of any transaction, many steps of the home buying process have been changed.
So in case, you’re looking for homes for sale in Dublin, CA or about to put your current property on the market, pushing through with your plans in the midst of a global crisis can feel intimidating. But the good news is, as long as you stay informed, work with the right industry professionals, and make strategic decisions, you’ll be on your way to achieving your real estate goals.
To help you out, start by asking the following key questions:
How does the pandemic affect pending transactions?
If you’ve already started the process of buying or selling a home and are unable to fulfill contractual obligations due to difficulties imposed by the pandemic, renegotiating the transaction’s terms through the force majeure provision may be possible.
Force majeure provisions permit concessions in case of unexpected events, including a pandemic, as long as it’s outlined in the contract. In California, the law requires parties invoking the force majeure provision to demonstrate that they have made “reasonable” efforts to seek ways to avoid the consequences caused by the force majeure event. For this reason, working with an experienced real estate attorney in order to get clarification is a smart move.
Should I withdraw my property from the market?
Throughout the U.S., there are many home sellers who have withdrawn or have considered withdrawing their homes from the market in order to avoid accumulating additional days on the market since they are unable to host showings. A listing with a “withdrawn” status is simply an indication that the home is not currently available for showings, but the seller still has an active engagement with their agent.
There are a lot of factors to consider before you decide to take your home off the market. Keep in mind that an increase in withdrawn listings means a decreased supply of homes, which potentially increases buyer demand.
Although the pandemic has caused some buyers to reconsider their home purchase, others are still pushing through with their plans, and may even be motivated by the current situation, such as workers in essential industries and those who are undergoing a job relocation.
What’s the long-term effect of the pandemic on real estate?
While the COVID-19 pandemic isn’t likely to have a significant long-term effect on the real estate market itself, it might leave a lasting impact on some of the features many buyers find appealing. For example, accessory dwelling units or ADUs are currently gaining more popularity as an investment choice, due to the flexibility and longevity they add to a home. In fact, their demand can soar even after the pandemic, as they make it easier for the elderly, healthcare workers, and ailing family members to implement social distancing measures if necessary.
And since real estate is a tangible asset, it can even turn out to be a highly attractive investment option following COVID-19’s impact on the stock market.
If you’re searching for Dublin, CA real estate options, work with top realtor Alice Chen today! You can get in touch with her by calling 925.216.0676, or leave a message here.