HOLLYWOOD, Calif. – Virtual tours have become a lot more common for realtor Fatima Malik during the COVID 19-pandemic. It’s one of the ways she’s able to show her clients homes.
“I’ve done more video calls than I’ve ever done in my life,” said Malik.
That’s because realtors are no longer allowed to hold open houses in the City of Los Angeles. Malik goes into the home, walks through it, taking into consideration what her clients need in a home.
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She says, “I ask my clients a lot of questions, closet space, what they plan on doing, how they live their life.”
On this day, she's showing a property in the Hollywood hills, a secluded 16,874-square-foot lot with three restored 1912 craftsman duplexes.
The videos are posted on her social media and sent to potential buyers.
According to the California Association of Realtors, last week most major regions in California saw a 10% drop in the number of homes entering escrow compared to the previous week. They also reported delays in the home buying.
While it’s really too early to tell how the pandemic will affect real estate long term for Malik, those clients who were looking for homes, still are, especially since they had locked in a low interest rates.
“People who have sound employment and their loans are already in place, they’re going ahead and buying, they have a fixed interest rate," Malik said. "About a month ago we had incredibly low interest rates, so if you locked your rates in, this would be a good time to buy.”
Since the buyer pool is smaller, you may also have a better chance at getting the home you want.