The global pandemic has made life difficult for a lot of people. Businesses were lucky if they got through the first pace unscathed. At the same time, people considered themselves fortunate if they managed to remain employed even when the lockdowns started happening en masse.
With difficulties being targeted towards personal health first and financial wellness second, it’s almost an afterthought to go for a new home. There are protocols in place to prevent people from going out of their homes for a site visit. Aside from that, lending for real estate from private institutions can be difficult because of the financial outlook—they’d rather keep their money close to them than lend it out to clients.
If you’re in the market to buy a home regardless, it’s a completely different experience from the one that you’re used to. Here is a compilation of what to expect when you’re buying a property during this time.
Stranger Things for Real Estate
There was a time when real estate visits meant serious visits. If you have kids, you left them with a sitter so you can focus on touring the property you’re buying. During the pandemic, however, you can only take a look at the property while following the safety protocols set forth by the government. This meant that you had to follow any rules that the real estate agent or company laid down.
You would also likely wear a mask or gloves and only be allowed on the premises because of an appointment. The other alternative would’ve been unheard-of in normal times, but it would have also required you to buy the house without even stepping foot on the property, let alone see it up close.
Buying Through Chaos
Another thing you’d most likely experience is how to buy a home, even though the scene could be really confusing. There is currently a buyer’s market in place, but that also meant people are having a hard time buying a home. It’s because of the different things they have to do while checking these homes out.
It’s not looking like a smart time to buy a house, but when you’re searching for a property, your timing comes first. It doesn’t matter whether it’s hard during the pandemic or easier after it—it’s all about when you think it is the right time for you to own property.
It’s not ideal, but it’s something that could be done. Considering worst-case scenarios and other problems that may arise, buying property during the pandemic is possible.
Making an Irrefutable Offer
Many things went right in the market during the pandemic, even if the general situation was wrong. Many people were waiting as the interest rates went low and the market became saturated with the property.
The problem is exactly that—many people waited things out that they’ve actually made the market saturated. Not all of them will buy the property, especially if they’re experiencing financial difficulties too. This becomes a good thing for you. When you’re stuck in a bidding war, give them the best offer they can’t refuse. Real estate agents would love to sell their properties as soon as they can, so act fast.
Beat Others to the Punch
When you’re in the market to buy something, you’d better move fast, because others think of the same thing. If there’s an offer, you should move quickly and search for a lender who could support you with the same speed. This is crucial if you want to corner that home.
If you manage to work with someone who can approve your loan quickly, then you’re in luck. Pre-inspections can happen virtually, and this could be in your favor, too, so check out the property as quickly as you can, then close the deal.
Trade in the Old for the New
Since you’re buying a new house, it could be possible that you’re trading it in for the old property. You should sell that old home first to further fuel your purchase. If you need to move somewhere, you have to go before you move into the new property. You could also try to make your home’s sale a requirement for moving into the new property. Then, you could lessen the blow to your finance if you’ve got some more cash from that sale.
Selling in the pandemic is something different for a lot of real estate agents. Your experience buying a home during the pandemic may also vary, but you could encounter one or more events from this list.