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How is Coronavirus Likely to Affect the Real Estate Industry?

In just a few short months, the novel coronavirus has spread to at least 140 countries, with more than 182,000 cases. The global pandemic has claimed almost 6,000 lives, and the numbers are increasing rapidly.

A pandemic of this proportion has clearly had an effect on the global economy, and the real estate industry is no exception. Even the top real estate agents Raleigh, NC has to offer have seen how coronavirus has affected the industry. From office life to the way agents interact with clients, from agents worrying about sellers to sellers having concerns about conducting open houses, the real estate industry is already seeing the effects. 

Changes In The Way Agents Interact With Clients 

Offices across the country have asked employees to work from home so as to try and contain the spread of the virus. However, real estate agents cannot always work from home and most of their work involves meeting their clients and showing them houses. 

For many of the top-selling real estate agents Raleigh, NC, they usually drive their clients to showings. However, with the coronavirus being highly contagious, they have stopped driving their clients in their car. It is especially important that you keep a safe distance from clients who show signs of illness such as fever, coughing, runny nose, difficulty in breathing, etc.

Many agents also regularly disinfect the insides of their cars, mainly handles and seat belt latches, if they are still driving clients to showings. They also ask clients to use hand sanitizer before getting in and out of their car. 

Agents Worry About Sellers More Than Buyers 

The top real estate agent in Raleigh worries more about sellers than they worry about buyers. For buyers, this may be a great time to buy houses since prices are dropping, but for sellers, it is not the best time.

Even though agents have not seen many changes in the reaction from sellers, they expect to see several changes soon. For example, if buyers have anxiety about buying now and withhold their purchasing decisions, houses can quickly lose value because they would be in the market for a long time. 

Besides, with sellers having concerns about letting different people into their homes, they are not so sure whether this is the right timing for them. 

Concerns About Open Houses

According to a report by the National Association of Realtors, nearly 1 out of 4 home sellers across the country are changing the way they show their homes to potential buyers. 

Many are concerned about holding open houses, and have instead resorted to virtual or video tours of their homes. However, any real estate agent Raleigh has to offer knows that buyers would want to see a home in person before making such a huge purchase.  

So, by working with the best real estate agents, Raleigh sellers are finding ways to improve safety while showing their homes to potential buyers. Those seeing houses are asked to use hand sanitizer or wash their hands before they enter houses. 

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