Generally, it is believed that COVID-19 will put a halt on buying or selling transactions in the real estate sector.  It is not true as well.  In fact, it will provide more opportunities for buying a luxury property right now.

The common question asked is how we would continue to manage real estate transactions going forward.  Technology today has given wider opportunities of allowing real estate transactions to continue even during COVID-19.  Nearly everything can be done virtually in the real estate transaction and even the property home inspection also.  It’s pretty amazing, really.  Real estate is a vital part of Hawaii’s economic stability and sustainability, and it seems prudent to believe that real estate transactions would continue.

Covid-19 is a new reality for us all, and much of what is to come depends on the duration of this virus.  But this situation is not the same as the housing crisis where money was sucked away from the real estate sector.  Here, due to the need for more privacy, there are chances that those with sizeable savings will go for bigger dwelling places.  In addition, the interest rates continue at historic lows, and as usual, that is very positive news for home buyers.  One needs to take minimum precautions while entering into real estate transactions as summarized below.

Work from home for Real Estate Stakeholders

This is the most obvious way to engage in voluntary social distancing.  In the case of real estate agents, this is not outside the ordinary.  At Hawaii, for real estate brokers, open space will be considered meeting places where they engage in business with customers and utilize the technology for printing, scanning and conducting business.  By staying away from the brick and mortar offices and working from home they assure not get infected as well as they will not spread infections.

Virtual meetings

Meetings with clients will be conducted virtually in order to avoid office meetings for paperwork and conducting a home search.  Technologies such as video-conferencing and Google meetings make it very easy to participate face-to-face, remotely.

Property video tours

It is important to reconsider the way we visit the property right now.  It is not worth the exposure to potential germs and COVID-19.  In MeloMelo property, 360-interior-walkthrough and property videos are available to everyone on its website.  We encourage this practice and hope that it will be adapted by others in the interests of limiting human contact.  There are a number of ways to market the property.  With today’s technologies, virtual tours, drones and 3D-photography buyers can see the property before stepping through the door.  With strong, alternate marketing it is easy to limit property showings and just show your home to a very few selected buyers.

Home inspections via Video

Instead of assembling a group of people for the home inspection, one person can do the home inspection and share the findings via video, Skype or Facetime.

There are homebuyers who lookout and are inspired by today’s historically low rates.  With a little creativity and versatility, there are multiple methods to buy a luxury property and secure you and your family from the virus spread.  The number of off-island buyers physically present in Hawaii has been drastically reduced for the short-term.  This might contribute to more opportunities for Hawaii islanders seeking to buy a new luxury home.

The MeloMelo residence is a one-of-its-kind property in the neighborhood of Kona Palisades, Hawaii.  This property is located at 73-1247 MeloMelo Street with 3060 square feet of interior living space and 925 of covered lanai offering what every home buyer is looking for in a tropical island.  Contact us for more details – (302) 601-1247