You were considering buying a home but the pandemic has thrown a wrench in your plan. In the past few months, Covid19 has transformed all of our lives. But that doesn’t mean that your desire to purchase a home has to change. In fact, right now may actually be the best time to buy.
Even with stay-at-home orders most real estate transactions were deemed essential in the US. This means that although new guidelines and precautions may be put in place, you can still move forward with finding your new home.
The unexpected natural disaster may have interrupted your house-hunting plans, but all is not lost. Although opportunities to get pre-approved or tour houses for sale may have dwindled, there are still ways that can help you achieve your homeownership goals.
is it the right time to be buying a home?
There are benefits to buying a home during an unpopular time. For example, there is likely less competition. You may also find that for some financially stressed sellers, you’ll have more negotiating power. Here are a few tips to give you a headstart on your search.
Before you start your home search, you’ll want to get pre-approved with a mortgage lender. Although you can do this online, you may want to check around for a local lender as well. A local lender won’t just be more convenient to get in contact with; they will also have more specialized knowledge regarding local down payment assistance programs. This is important because anything that minimizes your expenses is worth knowing about.
do your research
You’ll want to be well-prepared when buying your home. If you haven’t finalized your search criteria, do it now. Take some time to research the best areas. Check local home values, and the average price for the specific type of house you want to buy. Compare your pre-approval to the average cost for the type of home you’re looking for, and revise if necessary.
do virtual tours before going out
You may find it a little more difficult to visit listed homes, especially owner-occupied properties. However, real estate professionals are getting creative. According to CTV News, many agents are using more in-depth virtual tours. Although at some point, you’ll still need to physically visit the property, virtual tours will help you to narrow down your search and eliminate homes that aren’t contenders.