During the crisis, more people wanted to buy their own house. They wish to ensure their safety by exchanging their apartments with a real house. With social distancing being one of the best ways to protect yourself from the virus, many of us became more interested in buying real estate.
But then, numerous challenges gave home buyers a hard time buying houses. Even with the low mortgage rates, lenders became stricter as they needed to ensure buyers have the ability to consistently make payments. Sellers are also holding back after learning home prices surged during the crisis.
Lockdowns also prevented buyers from going out of state just to check real estate properties that are listed for sale. As things start to slowly settle down and travel bans are being lifted, you may now continue your home-buying process. But before you, there are a few takeaways we can all learn from the crisis.
Expect Technology to Aid Your Home Purchase Experience
The first place we look for houses for sale is the internet. We even use some tools to check properties listed in our target location. But aside from the fact that we use technology to look for available houses, buyers, sellers, and real estate pros are becoming increasingly dependent on technology mid-pandemic.
Due to social distancing rules, expect real estate agents to make Zoom meetings instead of in-person appointments. Open houses and house tours are now done via video calls and virtual tours. Even home inspections are recorded for the buyer’s and seller’s safety.
More sellers and agents are accepting online and wired payments instead of cash or check. Even the way we negotiate and sign documents can all be done electronically. This goes to show how important technology is in helping everyone communicate and complete the buying and selling process.
Working With the Pros Becomes a Must
Before, it can be easy to buy a house and complete the purchase without a real estate agent. Now, you will need one to ensure you can pull some strings and make the process a lot less stressful. For one, with fewer properties listed for sale, your agent can help your find off-market properties that could be your next real estate.
Not all sellers are openly selling their properties. They do this to test the waters and save money from marketing. Sellers can also get rid of the property quickly and move on with their lives/
With a reliable agent, you just need to tell them your budget, what your non-negotiables are, and where your ideal locations are. They can take care of the rest and even offer valuable expert tips that will help make the buying process easier. Just make sure the agent you will be working with is following health and safety standards to keep you and the sellers safe during every transaction.
Think Twice Before You Ask for Extras
Some buyers would sweet-talk the sellers just to gain extra perks out of the deal. But remember that during the pandemic, sellers usually have more power over the market. Remember that there are more buyers than sellers in the market.
Now that we are in a seller’s market, buyers should think twice before asking too much from the sellers. This could mean asking the sellers to include major appliances in the sale. If they are already receiving many offers and you prove to be a demanding buyer who is not willing to compromise, you might just lose the deal.
You can ask your real estate agent for advice before you submit an offer with contingency. They know the market and already talked to the seller. With the knowledge they gained from experience, they can help increase your chances of your offer getting approved.
Don’t Move Too Fast or Regret the Decision
The house-buying frenzy made some investors turn to desperate moves just to secure the deal. What some people did was close the deal while skipping a home inspection. Others went on buying a property they haven’t even seen in person.
These two are big no-nos in every real estate transaction. Unless your agent has your full trust, it is best to never buy anything you haven’t seen in person nor underwent a home inspection. Horror stories of buyers who skipped inspections would want you to slow the process down and make sure you got everything covered before closing the deal.
Buying a house should not be a nightmare, even during a pandemic. Learning from the pros and others homeowners who bought houses during the crisis will make your experience more worth it. If you need help getting the most out of your home-buying during the crisis, make sure you don’t forget the items listed in this short guide.