When the pandemic hit our country earlier this year, people quickly went into survival mode, pulling houses off the market and reconsidering their plans to relocate. It’s only natural to have fears stemming from such an uncertain situation. What we’ve learned so far—now 60+ days into the quarantine—is that even with stay-at-home orders implemented by our governors, life doesn’t come to a complete stop. While many people started working from home, essential workers continued to go to their workplace. Staying home and social distancing helped flatten the curve, but it also helped us evaluate the market so we could pivot and adapt based on our situations.
When it comes to real estate, we’ve seen many changes due to the pandemic as well. Open houses, showings, and appointments have all gone virtual. More and more people are getting comfortable purchasing a house this way. But what should you consider before purchasing a home during this time? Here are four things to think about before taking the leap:
- Mortgage rates are volatile – Mortgage rates hit an all-time low on Friday but that doesn’t necessarily mean they will stay this way. Generally, when the economy is suffering, mortgage rates tend to be lower. However, we are navigating through unprecedented times, which means anything is possible.
- If you’re ready, start the process of buying a home now – The homebuying process has changed these past couple of months, which has many moving to adapt to the new situation. This means the process can take longer, so finding and working with a lender even before you find the right home might make things a lot easier.
- Consider virtual home buying – Since in-person open houses and showings have now been cancelled, many realtors are offering virtual 3-D home tours and live chats as an alternative.
- Make sure your realtor and broker take this pandemic seriously – It’s not easy finding the right person to work with, much less someone that looks out for your safety and well-being. Buying a home before the pandemic was a serious matter and now even more so with all the precautions needed to do it safely.
My collaborative approach to real estate lets you check these items off your to-do list. I am here to help you every step of the way. Let’s discuss your needs and how we can get you on your way to homeownership.