If you are planning for buying, selling or looking home, you are not only the person who have this question in mind right now. Or a little bit shaken up.

Movement restriction, a diving finance market and about future income uncertainty, just because of coronavirus pandemics, & having un-pending plans to buy and sell a home in overnight. The activity of Real estate has been slowed down as the buyer, agents and sellers are trying to figure out the future path. Properties are still into a contract, but few more new listing is on the way to come in market.

Many people are afraid and nervous now. People are not coming with any offers in. What is the rate cute means exactly? People are also wondering whether they should sell or not.

Should Sell?

New construction or the new buying of homes will be not going to happen, said real estate agent and developers of Pune. Life will go on and people will keep moving, but it would be very different.

The agent has seen nearly done deals have been suddenly falling apart just because sellers got discontinue and he doesn’t know what does it means for their next purchase. While other people who were ready to give the offer even, they are not offering offer.

There is a fear among people and also there is awareness. Peoples are thinking about longer terms. But it says, if you see the past hurdles, it is a good time for the buyers to buy the new home with low-interest rates and it is a good time for sellers because of the low inventory. Even it is said that there are still bidding wars for some properties.

If you have a property that is priced well you can sell it now. Showing property has been dropped significantly off because of govt. has recommended staying home. Salespersons are not taking the risk to show the property to buyers. If you have listed it leave it.

You should not take off your properties from the market. In today’s scenario, there are more than ever people have time to look for the homes. People have more time to look at online properties.

Should I buy?

Let us make you understand with an example:

A & B were ready to purchase Property in Talegaon Dabhade, Pune. They deal was accepted two weeks ago, but when the seller would not agree for requested improvement – Rs.2,00,000 in new windows or to the lower cost. A got nervous and he pulled out losing with their inspection cost. They still visited many construction sites even though people were not been allowed to go out.

“But these houses have already had an offer on them”, A said.  “Even it was crazy. There isn’t a lot in this market, so maybe they are just trying to get a bidding war with going or secure a backup offer.

B said their status now as “xyzproperty”, it means they are paying the attention, but they are not taking any action.

“We need to decide whether we want to buy this right now, or we just don’t know,” said B. It is taking too long day by day or hour to hour.

Could I Close?

Closing is the main problem now, said many developers.

Social distancing rules and closure for business is making people required for property deal closing or to gather in a room. Plus, some municipal buildings are closed, which might not helpful for recording a sale.

But as much as possible people are trying to make the deal close. Some of the developers are recording the closing remotely or by appointment. But still, the closing is difficult because of the social distancing strictness.

It can become trickier of the lockdown situation increase, which decides peoples are not supposed to move out. Some developers are who already in the contract may not have thought of backing.

Already if the buyer has paid the amount, then the seller has to wait for more time for the remaining amount to be paid. Here seller can’t force the buyer to pay the remaining amount as soon as possible, because the time is unprecedented.

There are many rules, regulation, laws which are needed to be followed, and meeting them all is not possible right now.