Buying a home is a hallmark to most people in the United States. Not only is it a stepping stone towards your future, but it’s also a big financial responsibility that should be celebrated.
Not only are people quarantining themselves indoors to help stay safe and protect others, but with the state of the economy and unemployment rates rising some people are questioning moving forward with their buying plans.
Well, according to HomeLight’s Q3 report, real estate is making a comeback despite all things.
As an Austin company dedicated to helping parents find fun and safe places to take their children, our goal is to provide you with information on how to stay safe and purchase a home during this pandemic! Here are some tips.
Hire a Realtor who can handle the current circumstances
Right now is more important than ever to find a real estate agent who can help you find, tour, and close on a house with ease.
When starting the process, take time to interview several agents to make sure that he or she has experience selling in a slowing economy and who is aware of the technology available to sell a house.
In addition, it’s important that they show a knowledge for the area’s guidelines on selling homes so that they can propose plans, solutions, and contract addendas related to the virus.
Have a video chat with a few agents and ask them questions related to these points before making your final choice.
Look into your finances
If you were set to buy a house before the pandemic, and you still have a reliable income, then you’re probably in a good place to purchase.
There are two important things to look out for mortgage wise regarding the pandemic that can be a good incentive to carry out your plans as long as you can prove to lenders that you’re a trustworthy applicant: lower interest rates and stricter lending requirements.
If you haven’t noticed already, mortgages rates are dropping.
This is a great thing, but it’s very crucial to realize that the banks aren’t handing out money to just anyone.
You need to have a good credit score, a stable income, and a sizable down payment among other factors for them to consider and approve you.
Avoid social interactions if possible
Buying a house in the middle of a pandemic can be risky because it can put you in contact with someone who is infected.
If you’re wondering if you should buy a house during Coronavirus, make sure to first understand the risks associated.
While going through the process, limit your exposure to others as much as possible and don’t be afraid to ask questions about other people’s health if you need to meet with them in person.
If any proceedings can not be done remotely, wear a face covering and maintain a 6 foot distance. Request that others do the same.
One of our most prominent pieces of advice is to remain patient. There will be unprecedented changes and delays due to government recommendations that can hinder your timeline.
Buying a home is still possible, and it’s important to stay safe and aware while doing so.
Additionally, if you’re in the Austin area and have children, finding a daycare to take them to while you go through the process of searching for a home and moving, our directory is geared towards providing parents with the best options available.
We want to make sure your move is as stress free and as easy as possible.