Home Buying Steps Post COVID-19

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Home Buying Steps Post COVID-19

Posted by HomeHunt on March 30, 2021
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Tips For Buying a Home Post COVID-19

COVID-19 has not only caused a disruption in our daily lives, but it has also changed the way homebuying operates. Despite the slowdown of COVID, it is still best to take proper steps to stay safe while buying a new home.

Flexibility

One of the most important things to remember as a homebuyer is to be flexible and patient. Buying a home right now is more challenging than before the COVID-19 days. Specific parts of the country have been hit harder than others so buying a house in a certain area could be difficult depending on the situation. If your agent tells you that you are unable to tour homes, be respectful of the seller’s decision and work with your agent on other ways to find and view your dream home.

Tour Homes from Your Own Home

Although many states have reduced their COVID-19 restrictions, there are still many areas that have rules in place. If your agent is unable to schedule in-person showings, there are still ways to see houses you are interested in. There are various technologies that make showings from home possible. Agents can take their clients on virtual tours or video walkthroughs. Many home listing sites offer 3-D tours to make it easier to view homes without risking your health and safety.

Maintain Social Distance

Despite the ongoing effort to vaccinate, it is still necessary to maintain social distance and wear masks if you are given the opportunity to view homes in person. Also, when signing paperwork and meeting with your agent, stay six feet apart to ensure that everyone is being safe.

Decide If Now Is the Right Time to Buy

Before looking at homes, it is best to determine if now is the right time to buy a new home. The current COVID-19 situation produces some pros and cons to buying a home right now.

  • Pros – Low interest rates, fewer people in the market which means less competition, sellers may have more flexibility with offers.
  • Cons – Inventory is low, many businesses are still closed which can affect home closings, lenders are overwhelmed with applications and yours may take longer to approve.

Know Your Price Range

Buying a house is a big commitment and you need to know how much you can afford before starting the homebuying process. Use our affordability calculator to help understand what you can spend on a home.

Save For a Down Payment

When buying a new home, you will need to save for a down payment. This amount will depend on your mortgage amount and what you can afford. A down payment amount is typically in the range of 5%-20% of a home’s purchase price; certain loan types require 0% down while home buyers are also welcome to consider a down payment over 20%. There are loans where the down payment can be lower, but this may raise your interest rate.

Monitor Your Credit

Before a big purchase like a house, check your credit and monitor your spending. If your credit score needs improving, try lowering your debt and avoid spending large amounts of money. Our team at HomeHunt can give you further advice on how to raise your credit score.

Buying a home can be difficult, but it is also a very exciting time in your life. COVID-19 may still be around, but that does not mean that you should have to postpone buying your dream home. Let our team of dedicated agents help you in this process and help you safely navigate this journey. Contact us today for more information.

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