Planning on Selling or Buying a Home this Spring?
Here’s How to Get Ready for a Post COVID-19 World
It seems as though that the only thing that people can talk about nowadays is the coronavirus. However, even though times seem dark and uncertain, there are still a lot of things to remain positive about, including real estate. For those people who had house hunting or selling a home on their radar, don't give up hope just yet. It may seem prudent to hold off because of the uncertainty in the economy, but there are actually quite a few benefits that come along with purchasing or selling a home in the midst of COVID-19. Today, we’re going to discuss some of those benefits, how you can keep you and your family safe, and ways to prepare yourself for a post-COVID-19 world.
Like we mentioned earlier, there is a lot of uncertainty surrounding the economy, which may deter some from still following a course of action with buying or selling. For buyers, one huge benefit of moving forward with your plans is that mortgage rates have dropped significantly. By taking out a mortgage now, you have the opportunity to save thousands of dollars. Additionally, shorter term mortgages might even be more affordable now, meaning that you can pay off your house much faster. However, it is important to note that the restrictions around taking out a mortgage have tightened, so make sure you are in good standing with creditors and have the money for a good down payment.
Another benefit to consider is less people are purchasing homes right now. Many agents have reported that there have been a much lower number of bidding wars. This allows buyers to put more thought and research into the homes they are considering instead of falling to the pressure of having to act fast.
Consult with an expert
Coronavirus’ affects on the spring housing market are confusing, and there are a lot of changes that are happening in terms of how we buy and sell houses. Don't do this alone. We highly recommend consulting with a top real estate agent in your area who can give you advice on what is and what isn’t possible during the age of social distancing. Any misunderstandings can be costly in terms of time and money.
Do things virtually
As of right now, leaving our homes to do anything other than what is essential poses a risk on both ourselves and others near us. This leaves things like inspections, house showings, and even having documents notarized potentially risky. Luckily, the combination of technology and the federal government easing up on what needs to be done in person allows real estate transactions to continue. Many selling tips during coronavirus include completing online showings, having an alternate appraisal done instead of a physical one, and making sure to utilize the uptick in people using social media and the internet.
Times are uncertain, but that doesn’t mean that you need to totally abandon your plans to sell or purchase a home this spring. There are a lot of positive opportunities that come with taking action or preparing to take action during this time. Carrie Courtney & Company at Changing Latitudes Real Estate is here to help you through the pandemic. Contact us if you have questions or concerns.