Pent-up demand may have unleashed a new set of buyers, but some of the hardships and innovations from the early days of the pandemic remain. The Washington Post reports that home builders are still grappling with setbacks from new social distancing measures and manufacturing delays, and home buyers are dealing with the confusion with shifting prices and procedures. The virtual technology, video calls, and document faxing that made it possible to sell homes when open houses were banned in some states has become a standard offering. And as new waves of the pandemic emerge, these tools may become not just an option but a necessity once again.
Just this week, Margaret Griffin Cameron and her husband, Roy Cameron, closed on a new-build single-family house in a planned community in Raleigh, N.C.
The house first appraised below the sales price, but a reappraisal came in at the sales price.
Griffin Cameron speculates the slowdown in the real estate market from the coronavirus pandemic may have played a role in the first appraisal’s lower value.