With trillions of dollars lost in the economic market, banks and financial institutions try desperate measures to stop the collapse of the economy.
With the steady drop in stock value and profit, it has become clear that things are going to the drain faster than we thought. However, some markets may still be holding up- like the Australian property market.
Despite the negative shock brought down by the pandemic, property markets in Australia are still at a good pace. It may have been affected by the virus, but this does not spell doom for them. For clients looking to purchase a home, this is an opportunity you can take advantage.
Here are some of the things that you should expect and do when buying a house despite the ongoing pandemic.
Business as Usual
Before the onset of the pandemic, Australia has experienced a steady property growth and well-made recoveries on its past economic meltdowns.
As faced with another crisis just after the massive bushfires, there is a recorded decline in prices due to the pandemic and the country’s quarantine protocols.
Despite its temporary ban on physical auctions and home visits, property markets offer transactions and meetings online. With the use of virtual tours and sales, purchasing a home is safer and only requires limited physical actions.
Moreover, if a site visit is imminent, quarantine protocols should be strictly established, especially in physical distancing and sanitation procedures.
In other words, people would always sell-off and purchase a house for whatever reasons. Despite the ban, limited movement, and protocols, it is still business as usual.
Virtual Tools and The Internet
There may be no stopping for profits in the property market. And while there are changes made in buying and selling procedures to fit the quarantine guidelines, those changes primarily refer to online processes.
Along with the strict quarantine guidelines on physical interactions, real estate agents are now using virtual tours and private visits for clients. Many also host online auctions where you can virtually place your bids, just like any traditional auction events.
Websites like BMA Homes offer house packages online, as well as client assistance in the home selection and buying process. Check them out on https://bmahomes.com.au/.
The whole estate online transaction is different, as opposed to traditional home-buying. As the buyer, there are points that you should do first and consider to set proper expectations. These considerations include:
- Ensuring Stable Income
Ensuring that your income is still stable despite the pandemic is essential, since you may be setting up for fees and deposits. However, if you are uncertain that you can keep a stable job, you might as well hold the process and use the funds for essential needs.
- Clearing Bank Obligations and Pre-Approvals
Banks and financial institutions are currently facing delays in requests and applications. Before setting up for a property bid, make sure that you are pre-approved by the bank. Failure to do so will give you long delays due to a lack of human resources.
- Hiring a Buyer’s Agent
Aside from virtual assistance, getting your estate agent would speed up the process and ease up the legwork needed. You can focus more on keeping your family well-supplied while seeking new home opportunities.
Overall, do expect massive delays from banks and non-essential processes. Settling these issues would smoothen the overall legwork and avoid unexpected roadblocks.
Low Competitions, Fewer Options
Clearing up the initial preparations like money and documents is one thing. The virtual market is another. Purchasing a home is much more different and limited than before.
The lack of physical interaction and visits makes up a whole new challenge for sellers and buyers.
As a buyer, whether with experience or not, anticipate fewer competitions due to sudden unemployment and closure of businesses. Although options might be limited since everything is taken care of online, and not every property is listed on the internet, getting lower than the market price would pose quite a challenge.
Employment Check and Verification
Another way to reduce risk and ensure payments can be made on time is by checking your employment status. As unemployment surges across the world, expect that sellers would check your status through various means.
This includes getting a verbal or email confirmation, or maybe both, from your employer. It’s best to provide documents such as a certificate of employment or a recent pay statement showing your current income.
Because of the raging pandemic and the new processes of property buying, it is best assumed that access to the internet plays a significant role in estate transactions.
As these processes take off to practice social distancing, the industry has taken steps in adapting to virtual transactions. Set your proper expectations since buying a house on the internet might be the norm for months to come.