As the current pandemic continues to affect all sectors of the global economy, the overall effect on real estate has yet to be determined. To date, home listings have decreased by approximately 30 percent while asking prices have continued to decelerate. On the plus side, mortgage rates have dropped to an all-time low.
With a pause on open houses and in-person showings, real estate agents are using technology more-and-more to show properties. Video is now a dominant tool whether it’s virtual reality hoe tours, virtual neighborhood walks, and drones to convey a strong sense of place. Agents also use live streaming through social media to create excitement about a property. Virtual listing appointments can also be scheduled using Zoom.
Finally, a smart lock system allows buyers to visit a property when no one else is present by using one-time access codes through a smartphone. This can greatly increase the number of house showings.