By Living Room Realty, December 22, 2020
For the majority of 2020, we have been living our lives much differently than usual. With social distancing and stay-at-home orders in place, this year has been all about finding new ways to continue to live life as normally as possible – to thrive despite all odds! If buying a home in 2020 was part of your New Year’s resolution, you don’t have to put your plans on hold. Not only is buying a home during COVID feasible, but right now is a great time to purchase!
Before you get serious about looking for a new home, you should understand the following things about buying a house during COVID-19:
Showings will be sanitized
Some house showings will be done completely virtually to minimize the risk of exposure. This isn’t actually something that’s all-new to the real estate world, but it’s certainly being utilized more than ever now that health and safety is of top priority.
If you do happen to go to an in-person showing, personal protection equipment will most likely be required. Some people will provide gloves, masks, hand sanitizer, antibacterial wipes, and shoe coverings while others may ask that you bring your own. Once you get to the showing, they may only allow one person in at a time.
You’ll need a reliable real estate agent
Working with a realtor anytime you’re looking to buy a home is a great idea because they help guide you through the whole process – which can be quite confusing, especially if you’re a first-time homebuyer. COVID-19 has created a competitive housing market that’s seeing low interest rates, high sale rates, and many millennials looking for homes to settle down in with their family or get them out of metro areas. A great real estate agent can help you navigate these rocky waters and look out for your best interest.
You may enter a bidding war
Because the housing market is quite competitive right now, you may encounter a bidding war or two. You can increase your chances of winning a bidding war by making your offer stand out to sellers.
One way to make your offer stand out is to write the seller a genuine letter introducing yourself and explaining why you’re interested in buying their home. Some sellers want the reassurance that they’re handing off their home to someone who will love it as much as they have, and a personal letter can do exactly that.
Lenders may be pickier than ever
We are unfortunately living in a country that is seeing the highest unemployment rates since the Great Depression. Banks are going to take this fact into account and go through applicants’ finances with a fine-toothed comb to ensure that they are in a proper position to buy a home and successfully make mortgage payments. Be prepared ahead of time and have copies of your W-2, tax returns, bank statements, and employment verification. Remember to not take this scrutiny personally! Banks are simply making sure you’re in the great position to handle owning a home in these uncertain times.
Are you ready to buy a home during COVID-19? Let’s book a call and we can walk you through the process and make the entire experience as wonderful as possible. Things are stressful enough this year as it is and we aim to bring peace and calmness to your life so you can kick back, relax, and enjoy living in a brand-new home.
