Buying a home during the pandemic sounds scary, but if you are one of the brave ones, here is a list of things you should do before getting started:
- Get Pre-approved
One of the initial actions we advise that homebuyers take is getting a mortgage pre-approval. You should know that pre-approval is different from pre-qualification. While pre-qualification is simply taking a look at your financial statistics, such as income, credit score, and debt, pre-approval indicates that a lender is interested in working with you. To buy a home, your lender may want to verify certain financial elements such as your employment, credit scores, etc.
- Look for an experienced real estate agent.
The home buying market is getting more competitive as the pandemic progresses. Hence, the need to ensure that your real estate agent is familiar with your area and city in general. This way, you can be confident in the service that such real estate agent offers. Call our offices today to schedule and appointment.
- Employ the use of technology
Social distancing is advised during the pandemic, and house hunting isn’t an exception. At the moment, there aren’t many houses and house touring activities going on – digital scouting is the new normal.
- Make sure you are prepared.
Despite the decline in the selling of homes worldwide, all thanks to the stay-at-home and other stringent pandemic orders, reports show that the average selling price has experienced a 9% increase. Yet, especially in major cities, the curve of demand for houses against its supply has been an unbalanced one, deflecting more to the pool of house seekers. Therefore, decision making is paramount to buying a house during the pandemic. Being prepared will give you the best chances of landing your dream home.
Other tips on how to buy a home during the pandemic include:
- Better your bidding game
- Have a clean offer
- Have a down payment
- Ensure your employment is verified
When searching for a house to buy during the pandemic, ensure you have a list of priorities and follow them. Buying a house is a tough but with the right professional on your side, you are sure to come out on top!
