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Remember lazy Sunday afternoons when home buyers could leisurely hop from open house to open house, partaking of wine and cheese laid out to reel in more foot traffic—the more the merrier.

Much can change in a year.

On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, triggering a wave of lockdowns that dramatically changed our lives in countless ways—including how we buy and sell homes.

Still, now that vaccines are becoming more widely available and life soon promises to resume some semblance of pre-COVID-19 normalcy, home buyers and sellers might be wondering: Will the old ways of real estate return, too?

Now that we've passed the one-year mark, we thought it fitting to look at all the ways the pandemic has changed residential real estate transactions—and why many of these adjustments are likely to stick around for good.

Pre-pandemic, holding an open house was often akin to throwing a party, with some brokers spending tens of thousands of dollars to throw buzz-worthy events complete with Champagne, live music, and more.

Yet once COVID-19 precautions prohibited large gatherings in enclosed spaces, this glitzy breed of open house quickly disappeared. Instead, buyers weren't even allowed to visit homes; but if they were, they did so individually, by appointment only—encased in masks, gloves, and booties.

While poking heads in closets and checking water pressure was once par for the course, pandemic buyers were discouraged from touching doorknobs and faucets, lest they leave traces of the coronavirus behind.

While the legendary open houses before COVID-19 were certainly fun, they aren't likely to return in their usual splendor—which is fine by many real estate agents, since these epic events attracted tons of looky-loos who had a low probability of actually making an offer.

"To me, it's a gift," says Michelle Schwartz of The Agency in Los Angeles. She adds that most agents agree that individual showings are a far safer and efficient use of time, as it narrows down visitors to those who are more serious about buying.

Schwartz adds that this more modest approach has also tamped down on people entering the home for more nefarious purposes, like stealing belongings,

"This has reduced the sellers' fear of putting their most prized possessions on display to the public," she explains. More subdued open houses will likely return as pandemic precautions are removed, but "don't touch" provisions and requirements of always having a real estate agent or representative with you are likely to stay in place.

Here to stay: Virtual home tours

The rollout of the COVID-19 vaccines in California has been challenging, to put it mildly. The FDA issued an EUA (Emergency Use Authorization) for the Pfizer coronavirus vaccine on December 11, 2020. Days later they did the same for the Moderna vaccine and immunizations for healthcare workers and the elderly began. But the distribution of these vaccines has been hampered by supply chain issues, abuses of the system, anti-vax protests, and more. Yesterday, Governor Newsom delivered great news to Californians, announcing brand new eligibility starting next month. The latest news is very reassuring, as California opens vaccine eligibility to those 16 and older starting April 15. Additionally, those aged 50 and older can sign up on April 1. 

What Changed?

You may be wondering ‘What changed? Why is California able to make this shift?’ Put simply, the vaccine supply is increasing, as the state transitions from receiving approximately 1.8 million doses per week to 2.5 million doses per week. Specifically, the state anticipates 2.5 million first and second doses for the first two weeks of April and 3 million during the rest of the month. Even more impressive? By the end of April California should be able to vaccinate 4 million people per week, according to officials. 

With vaccine supply increasing and expanding eligibility to more Californians, the light at the end of the tunnel continues to get brighter. This is possible thanks to the leadership of the Biden-Harris Administration and the countless public health officials across the state who have stepped up to get shots into arms.

-California Governor Gavin Newsom

(quote courtesy of KTLA 5)

No Limitations Ahead 

The recent news is inspiring, to say the least, and it comes on the heels of great news about LA County case numbers. However, state officials caution residents that it will take “several months” for all willing residents to be vaccinated. To date, California has doled out 16 million doses, with another 24 million needed to reach all residents. Above all, proceeding with cautious optimism appears to be the best course of action, as evidenced by the words of Dr. Mark Ghaly:

We are even closer to putting this pandemic behind us with today’s announcement and with vaccine supplies expected to increase dramatically in the months ahead. However, we are not there yet. It will take time to vaccinate all eligible Californians. During this time, we must not let our guard down. It is important that we remain vigilant, continue to wear masks, and follow public health guidance.

-Dr. Mark Ghaly, California Health and Human Services Secretary

Ahead of the Curve (Mostly)

California is poised to beat President Joe Biden’s timeline goal of May 1 as the date to make all adults eligible for vaccines. However, the Golden State lags behind a number of other states that already opened vaccinations to those 16 and older. 

Here are the 23 states that have opened (and will open) vaccination eligibility before California:

• Alaska, Arizona, Georgia, Mississippi, Utah, and West Virginia have already begun
• Louisiana, North Dakota, Oklahoma, and Texas open on March 29
• Minnesota opens March 30
• Indiana and South Carolina open on March 31

April

• Montana opens April 1
• New Hampshire opens on April 2
• Idaho, Iowa, Michigan, Nevada, and Tennessee open April 5
• North Carolina opens April 7
• Missouri opens April 9
• Illinois opens April 12

No Pediatric Vaccine, Yet

At this point, children are the only group of American people who lack a vaccine plan. Consequently, there is no official current timetable for a pediatric version of the vaccine. On March 25, Pfizer announced that the first young children have received their shots, marking the company’s first pediatric trial of the COVID-19 vaccine. The age groups in the trial include 6 months to 2 years, 2 years to 5 years, and 5 years to 11 years. Meanwhile, Moderna announced its trial in children 6 months to 11 years old last week. Last but not least, Johnson & Johnson plans to test its COVID-19 vaccine in ages 12 and up soon, followed by infants and even newborns. 

In short, researchers are hopeful that a full pediatric vaccine will be available by late 2021. 

By Daniel Bortz | Feb 11, 2019

If you're hoping to buy a home, one number you'll want to get to know well is your credit score. Also called a credit rating or FICO score (named after the company that created it, the Fair Isaac Corporation), this three-digit number is a numerical representation of your credit report, which outlines your history of paying off debts.

Why does your credit score matter? Because when you apply for a mortgage to buy a home, lenders want some reassurance a borrower will repay them later! One way they assess this is to check your creditworthiness by scrutinizing your credit report and score carefully. A high FICO rating proves you have reliably paid off past debts, whether they're from a credit card or college loan. (Insurance companies also use more targeted, industry-specific FICO credit scores to gauge whom they should insure.)

In short, this score matters. It can help you qualify for a home, a car loan, and so much more. Which brings us to an important question: What type of score is best to buy a house?

Inside your credit score: How does it stack up?

A credit score can range from 300 to 850, with 850 being a perfect credit score. While each creditor might have subtle differences in what they deem a good or great score, in general an excellent credit score is anything from 750 to 850. A good credit score is from 700 to 749; a fair credit score, 650 to 699. A credit score lower than 650 is deemed poor, meaning your credit history has had some rough patches.

While FICO score requirements will vary from lender to lender, generally a good or excellent credit score means you'll have little trouble if you hope to score a home loan. Lenders will want the business of home buyers with good credit, and may try to entice them to sign on with them by offering loans with the lowest interest rates, says Richard Redmond at All California Mortgage in Larkspur and author of “Mortgages: The Insider’s Guide.

Since a lower credit score means a borrower has had some late payments or other dings on their credit report, a lender may see this consumer as more likely to default on their home loan. All that said, a low credit score doesn't necessarily mean you can't score a loan, but it may be tough. They may still give you a mortgage, but it may be a subprime loan with a higher interest rate, says Bill Hardekopf, a credit expert at LowCards.com.

How a score is calculated

Credit scores are calculated by three major U.S. credit bureaus: Experian, Equifax, and TransUnion. All three credit-reporting agency scores should be roughly similar, although each pulls from slightly different sources. For instance, Experian looks at rent payments. TransUnion checks out your employment history. These reports are extremely detailed—for instance, if you paid a car loan bill late five years ago, an Experian report can pinpoint the exact month that happened. By and large, here are the main variables that the credit bureaus use to determine a consumer credit score, and to what degree:

• Payment history (35%): This is whether you've made debt payments on time. If you’ve never missed a payment, a 30-day delinquency can cause as much as a 90- to 110-point drop in your score.
• Debt-to-credit utilization (30%): This is how much debt a consumer has accumulated on their credit card accounts, divided by the credit limit on the sum of those accounts. Ratios above 30% work against you. So if you have a total credit limit of $5,000, you will want to be in debt no more than $1,500 when you apply for a home loan.
• Length of credit history (15%): It’s beneficial for a consumer to have a track record of being a responsible credit user. A longer payment history boosts your score. Those without a long-enough credit history to build a good score can consider alternate credit-scoring methods like the VantageScore. VantageScore can reportedly establish a credit score in as little as one month; whereas FICO requires about six months of credit history instead.
• Credit mix (10%): Your credit score ticks up if you have a rich combination of different types of credit card accounts, such as credit cards, retail store credit cards, installment loans, and a previous or current home loan.
• New credit accounts (10%): Research shows that opening several new credit card accounts within a short period of time represents greater risk to the lender, according to myFICO, so avoid applying for new credit cards if you're about to buy a home. Also, each time you open a new credit line, the average length of your credit history decreases (further hurting your credit score).

How to check your credit score

So now that you know exactly what's considered a good credit rating, how can you find out your own credit score? You can get a free credit score online at CreditKarma.com. You can also check with your credit card company, since some (like Discover and Capital One) offer a free credit score as well as credit reports so you can conduct your own credit check.

Another way to check what's on your credit report—including credit problems that are dragging down your credit score—is to get your free copy at AnnualCreditReport.com. Each credit-reporting agency (Experian, Equifax, and TransUnion) may also provide credit reports and scores, but these may often entail a fee. Plus, you should know that a credit report or score from any one of these bureaus may be detailed, but may not be considered as complete as those by FICO, since FICO compiles data from all three credit bureaus in one comprehensive credit report.

Even if you're fairly sure you've never made a late payment, 1 in 4 Americans finds errors on their credit file, according to a 2013 Federal Trade Commission survey. Errors are common because creditors make mistakes reporting customer slip-ups. For example, although you may have never missed a payment, someone with the same name as you did—and your bank recorded the error on your account by accident.

If you discover errors, you can remove them from your credit report by contacting Equifax, Experian, or TransUnion with proof that the information was incorrect. From there, they will remove these flaws from your report, which will later be reflected in your score by FICO. Or, even if your credit report does not contain errors, if it's not as great as you'd hoped, you can raise your credit score. Just keep in mind, regardless of whatever credit-scoring model you use, you can't improve a credit score overnight, which is why you should check your credit score annually—long before you get the itch to score a home.

For more smart financial news and advice, head over to MarketWatch.

Even in the midst of a seller's market, homeowners should take these steps in order to get top dollar for their home.