Even as the real estate markets take a plunge amid the COVID pandemic, this may be an excellent time for potential buyers. Provided you are financially prepared, you may land a deal that wouldn’t have been possible in the normal circumstances. It makes sense to study the market and be ready to grab an opportunity when it comes. You can expect things to be a little different on the home hunting and buying front, but a few smart moves can help you get the house of your dreams at a price you would be happy to pay. Here are some smart tips that can help you with home buying in the pandemic season.
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First things first, you should be financially ready to pick a deal when it comes. Getting pre-approved for a mortgage is a good start because it will make things easier and faster when you find a place you like enough. Remember that loan prequalification is not the same as a pre-approval. Prequalification is only a cursory assessment of your basic financial stats, but not an official agreement. With a pre-approval, you can make the offer quickly and cinch the deal before anyone else does.
Use video tours for showings
Although you would want to see a house before buying it, you may have to rely on video tours for showings. It is something you should prefer, at least for the initial stages, and later opt for an in-person showing when you are close to making a decision. While a video tour may not be helpful for the final decision, you can use it for ruling out the potential listings and limiting your exposure.
Find an experienced agent
Right now, the real estate market is even more complex and hard to understand, and you may need a lot of help as a buyer. Look for realty services you can rely on to show you the best options around. Someone who has a long-standing presence and good experience in the local market would be an ideal choice. While you consider your options, make sure to go through the reviews and recommendations of their clients to get a fair idea about their expertise.
Stay updated about the guidelines for showings
As you step out house shopping, you will realize that business is not going as usual. Apart from video tours, you will need to follow certain guidelines for in-person showings and inspections. There could be state-specific regulations to follow and paperwork to complete before you visit the locations. Check them out online or ask your agent about them so that you have clear expectations with house hunting during the pandemic.
Be ready to make an offer
If you are lucky enough, you may find an incredible deal for a property you like. Being ready to make a strong offer will give you an advantage because there are chances that the seller may just agree. At the same time, a quick offer will secure you the deal if there are others vying for the same property. Both ways, it is just about putting your best foot forward if you are serious about buying.
The pandemic may just be the right time to buy a property, and putting off the decision may not be a good choice. A little awareness, along with a reliable real estate agent, can get you one step closer to your dream home.