Buyers Sign Purchase Contracts without Visiting Properties

“Virtual tours using platforms like Zoom and Marco Polo are giving Utahns ways to continue buying and selling homes with less risk of viral infection,” Alicia Holdaway, 2020 president of the Salt Lake Board of Realtors®, told The Salt Lake Tribune in a featured interview on how the coronavirus is affecting Utah’s real estate market. Holdaway added that she was proud of the real estate profession and its quick adaptation to safely serve people’s basic needs for a place to take shelter and call home.
Unlike the Great Recession, this downturn is due to a virus, not underlying structural problems in real estate. According to the National Association of Realtors®, one in four Realtors® across the country whose clients put in sales contracts last week said they’d had at least one buyer who never visited the property. “The one thing I do know is that people in Utah are still having babies and families are still growing,” said Jeffrey Farrell, a real estate agent specializing in selling homes in Salt Lake County’s southern suburbs. “My phone is still ringing.”
Photo credit: Leah Hogsten, The Salt Lake Tribune