Buying a Home in Coronavirus

The COVID-19 pandemic has forced the world into a slump. Like most countries severely hit by the coronavirus, the United States economy is also striving to recover. But, there’s one sector that seems to remain surprisingly strong — real estate. Driven by low mortgage rates, housing in numerous cities sells almost as fast as before the outbreak gained its momentum and altered the social landscape.

Can I Buy a New Home Now?

While it’s true that buying a home during the coronavirus pandemic may be a lot more complicated now due to many reasons, it is unquestionably possible, depending on where you live. Real estate is generally considered to be among the essential services. However, state orders may vary accordingly. To be sure, it’s best to check if real estate is regarded as an essential service in your area. Otherwise, you will have to wait until the coronavirus-related rules are lifted where you live.

What Can I Expect Today?

To mitigate the health crisis and flatten the curve, several features of the process involved in buying a new home look different now. Some states prohibited face to face viewings and closings. Apart from federal as well as local requirements, a lot also depends on the seller’s discretion. While others may have no problem with house tours, some may not be fine or comfortable with letting strangers into their property even if open houses are permitted in their area.

Fortunately, the housing industry has instantly embraced the new normal and adopted modern technology to keep all parties safe while the pandemic is not yet over. These include online house-hunting, virtual home tours, and alternative appraisals.

Is Now an Excellent Time?

Financially speaking, there appears to be a few benefits to purchasing a home in coronavirus. Since interest rates for a mortgage are low, your payments for the house will also be low every month. Locking in a property now at these reduced rates provides you with more predictability and control over your finances than paying for an apartment where rents can go up anytime.

Besides, the health crisis has discouraged some potential homebuyers for now. This means that those people who are still eager to venture out tend to encounter less competition. This can put you in a more solid ground for negotiation.

Evaluating your financial situation to see if now is indeed an excellent time to get a new home is also crucial. If you are worried about the stock market or the risk of getting laid off, it might be best to wait for the time being until your finances are more stable and guaranteed.

How Can I Prepare to Buy a House?

Start by examining your credit score, and do everything to protect it. Remember that it’s what lenders review to know whether you are creditworthy or not. Check a home affordability calculator online to help you figure out how much home is within your means. Secure your mortgage pre-approval, and check online listings to see what properties are available near you in your price range.

Are you searching for your dream home? At Phyllis Cyphers & Associates, we can help guide you through the process of buying your new home. Call our office in Indian Wells, California today to make an appointment.