Buying a house: Insider’s guide to real estate during lockdown

Real estate is even more challenging under lockdown. We answer the seven most common questions to help you maximise your property moves right now.

Lockdown and other health restrictions have made most real estate markets more challenging to navigate than is usually the case.

To help you navigate through these turbulent times in real estate, I have answered the seven most common questions to help you maximise your property moves.

1. If I’m thinking of selling, should I sell now or wait until the lockdown is over?

Sell now. Because there is an under supply of stock right now, buyers have little choice and are often paying hundreds of thousands of dollars over reserve just to secure something.

If you wait until the lockdown is over, you’ll be coming on the market with everyone else. This means there will be more competition for vendors. The heat of the market will subside and it will become a buyers’ market.

Tom Panos says sell now. Picture: John Appleyard

2: Is it legal for buyers to inspect properties?

Yes, by private appointment only – not open for inspections. Agents have learnt to use correct Covid-19 protocol and will only show one buyer at a time.

3. Are onsite auctions illegal?

Yes, they are illegal in NSW. Online auctions are getting vendors record prices. Over the last month, my online auction clearance rate has been 86.7 per cent. Plus, all the paperwork is done electronically and securely using platforms such as Securexchange.

4. Is it legal to have an agent come over and list my property?

Yes, it is legal as long as the agent is compliant with Covid-19 protocol. You should check with the agent to confirm that he/she is not working from one of the LGA affected areas. To ensure you’re not breaking any laws, make it your responsibility to check the latest Public Health Order as the regulations can change without notice.

Under current restrictions onsite auctions are illegal. Picture: NCA NewsWire / Dylan Coker

5. Can you buy a home without a buyer inspecting it in person?

Of course. Facetime / Zoom walk thoughts by agents is becoming more and more common.

6. Can an agent appraise my home without physically inspecting it?

As a vendor, you can do a Facetime or Zoom walk through on your mobile. This video combined with CoreLogic, will make the virtual appraisal more accurate.

7. What’s the point of selling when there is nothing to buy at the moment?

The lack of stock is why properties are selling for record prices. I predict there will be an abundance of properties launching onto the market in Spring, especially when the lockdown restrictions are eased.

It is it is legal to have an agent visit and list your property as long as the agent is compliant with Covid-19 protocol

A smart idea is to list now and get your solicitor to put a three-month settlement in the contract. This will put you in an ideal position as a buyer in October – November, when we expect there to be an abundance of stock on the market.

Tom Panos has been a highly respected figure in the local real estate industry for three decades. He is Australia’s leading real estate coach, a sough-after auctioneer, founder of Real Estate Gym and a Sky News commentator.

Originally published as Buying a house: Insider’s guide to real estate during lockdown