Did house-hunting during a pandemic ever cross your mind? Typically, people would never dare look for any real estate investment while there is an ongoing pandemic and economic recession at the same time. People want security in everything especially those involving money and the instability in the economy. Personal finances caused by the COVID19 is one major reason why people put off their plans on buying a house and lot. But would you believe all is not lost even if those unfortunate events interrupts your plans of house hunting?
House hunting during a time when the region is shut down can have its benefits. First, there is less competition for the houses in the areas where you might be planning to buy. Sellers may be more motivated to sell or be more flexible on price.
While a lot of businesses and sectors are on lockdown, start your hunt virtually. It will give you an advantage in finding your dream home within your price range. This means you have more time to shop online because you are staying at home most of the time.
Remember that this crisis will pass. Once that happened, there may be more house hunters back on the market that might cause the prices to escalate due to a more competitive market. That time will come when the real estate situation will benefit sellers rather than buyers again. So, taking a few steps forward now could be the right move for you.
A mortgage preapproval is a letter sent by a lender to the buyer. This indicates how much the buyer is qualified to borrow at a specific interest rate.
It may not be possible to meet with the lender while there is an ongoing outbreak, but it may be possible to get pre-approved online and is best done before house hunting to show the seller that you are a serious buyer.
While you can’t meet with the lender face-to-face, you can get your information organized. This will help them prepare for your mortgage preapproval. You may check your credit reports and get your credit score to make sure you will be qualified for a conventional mortgage and a lower interest rate. You may also gather all the information your lender will need to start the mortgage preapproval process.
By securing mortgage pre-approval, you’ll have everything necessary to make the process go smoothly once the lender is available to meet with you in person.
Research the market
To begin your journey in looking for a home amidst this pandemic, research first the areas where you want to move, together with the area’s home values, and the average selling prices for the type of home you want to buy. Make yourself familiar with real estate terms and listing abbreviations for easy browse listings. You may also want to ask friends and family for realtor recommendations and check out their credentials and online reviews. Making a shortlist of real estate agent candidates to interview would be a big help too. All these can be done safer at the comfort of your home.
Virtual Home Viewing
Don’t be disheartened if this pandemic and economic downturn have caused a lot of trouble while you were looking for your dream house. You can still view houses on the market conveniently, right from your own home. The real estate industry has been adapting to the new normal of selling properties through virtual tours on their websites, social media pages, and YouTube. A virtual tour or a virtual open house is as good as the conventional way as you can still get a realistic view of the property but easier and more comfortable. With just a click of the mouse, you can see all the important details. In addition, by virtual tours, you can see many more than would be possible in a single day with your real estate agent.
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