March 29, 2023
Buying a House During a Pandemic
It's no secret that the Corona Virus has impacted the U.S. economy and respectfully, the housing market.
However, in many parts of the United States, the housing market has remained surprisingly strong.
If you're thinking about buying a house in the near future, you can expect a few things to be quite different.
During the Covid-19 pandemic these are the most common things that happen when you're purchasing a home.
The Market is Moving Much Faster
Many listings that are market ready and priced correctly are sold within a week or so on the market.
This means that buyers can’t afford to waste time if they are serious about buying.
If you as a buyer see a home you like, don't hesitate! Tour the listing as soon as you can and make sure you're prepared to make an offer immediately.
You'll Face Competition
It is overwhelmingly common for sellers to receive multiple offers.
The longer inventory remains low, the more likely for buyers to face competition while buying a house.
When a multiple offer situation arises, the listing agent will most likely instruct each prospective buyer to present their "highest and best" offer.
For very attractive listings, offers can come in miles above the asking price.
Keep in mind, you will need some extra wiggle room when buying a house in this environment, so refrain from looking at homes at the top of your price range.
A good rule of thumb is to look at homes at 10% less than your ideal budget. This will give you room to compete if necessary.
Follow CDC Guidelines
Because of CDC requirements, home showings are vastly different.
Use technology to your advantage and ask for your agent to conduct a virtual tour.
If you prefer to personally visit the home, wear a mask to keep you safe.
Most real estate agents use an e-sign platform so buyers and sellers can sign their paperwork digitally.
Social distancing requirements may also impact how you interact with appraisers, home inspectors, attorneys, and others parties that are involved in your home purchase.
Buying a House with a Mortgage Contingency is Common
However, it would be easier to bid against other competing l buyers if the weight of your existing home mortgage wasn't an issue.
Selling your current home and moving into an apartment or rental home while you focus on buying a house is an option many people take.
You may also consider selling your current home with a contingency to find your new home first.
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If you follow these steps carefully and correctly, your first home purchase will be a pleasant experience.
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If you have any questions regarding real estate transactions, drop us a line.