Should I sell my house now? Is it smart to buy a house right now? Why is everyone buying houses right now? If you’re considering buying or selling a property during COVID-19, you might be asking yourself questions. This page will guide you through the unfamiliar process of buying and selling a home in the middle of a pandemic.
It’s old news that we’re living in a new normal and we’ve had to adjust our lifestyle accordingly. We haven’t been able to do a lot of things as often like going on vacation or attending a live concert, but some things just can’t wait. Aspiring home sellers and buyers have had to put a pause on their major life events, but if your housing plans can’t wait any longer, you should expect the homebuying process to be a little different than you remember.
If you have to buy or sell a home during the pandemic, don’t worry! While there are changes to the homebuying process, there are still ways to buy or sell your home while staying safe in the middle of a pandemic. In fact, the beginning of the pandemic saw a surge in the number of home sales across the country.
It’s still possible to achieve your housing goals as the pandemic continues. From house prices to the homebuying process, there are a few things you should consider before beginning your journey to buy or sell your home.
Housing Prices During COVID-19
When the pandemic hit, many expected sale prices to drop as a result. Unfortunately, the prices for homes for sale have gone up, with experts predicting this increase to continue. Even in the face of this increase, home sales have been on the rise despite the pandemic.
Whether you’re considering buying or selling, you may have done enough research on the current real estate market to know that more market changes will happen. If you’re serious about purchasing or selling a home during the COVID-19 pandemic, there are plenty of experienced real estate agents that can help you navigate the current market.
The Homebuying Process Is Now Virtual
Masks and social distancing have inevitably affected the homebuying process. Whether you’re looking to sell your home or are in the market for homes to buy, you should expect the possibility of a virtual tour.
Sellers might prefer virtual showings and will rely on videos or photos during the process. However, if you’re planning to buy or sell a home during the pandemic, you should expect that several aspects of your process will be virtual.
The home buying process will certainly vary from state to state, so getting in touch with a realtor or lender will help you understand processes like notarizations or appraisals during the pandemic. Whether you’re buying or selling, realtors and lenders should adhere to COVID-19 guidelines, ordinances, and laws, helping everyone stay safe and protected while reaching their housing goals successfully.
Selling Tips
If you’re looking to sell your home and would feel better going about the process virtually, you can always use online tools to help create thorough virtual tours. A virtual tour or video will always be better than only showing photos. Today’s advanced technology can produce high-quality virtual tours to provide potential buyers with a more immersive experience and give them an accurate representation of the property.
However, if you would prefer to keep in-person showings, you can always follow extra steps to keep your home sanitary:
- Sanitize surfaces in between each show
- Keep all the doors open
- Require masks and gloves before entering
- Leave hand sanitizer in the entry and around the house
Another thing to keep in mind is that this process will differ depending on what you prefer and where you live. You may continue with in-person showings depending on your location’s current restrictions or maintain virtual showings. Either way, you’ll definitely be able to sell your home during the pandemic.
Buying Tips
As a buyer, it might be more difficult to be confident enough to purchase a home while maintaining social distancing efforts. Virtual tours have become a common way to view your potential home and will probably become the default method for the time being.
With the pandemic, it’s impossible to predict what will happen. Some home deals will allow the buyer and seller to cancel or extend the process if certain issues related to COVID make closing more difficult. Even if you have uncertainties about closing, it’s a safety net that can provide some relief if anything goes wrong with your deal.
Aside from the virtual tours, you may have to go through other aspects of the home buying process while maintaining social distancing efforts. Depending on where you live, you may have to close the deal by driving to your title company’s curbside and signing the paperwork in your car.
Regardless of whether you are buying or selling, there are safer alternatives to the entire process.
Purchasing Benefits During the Pandemic
So, is it smart to buy a house right now? While purchasing a home may seem like a bad idea during the pandemic, there are some major advantages to buying a home right now.
Interest Rates
First, interest rates hit an all-time low. You can take advantage of the low mortgage interest rates by buying during the pandemic. However, it’s important to note that various factors affect how lenders decide the interest rates you may qualify for. During the pandemic, some lenders had toughened job history and down payment requirements, so you may want to keep your expectations open.
Fewer Competitors
Second, your market may have less competition due to the timing. Others will decide to hold off on their housing plans, leaving you with less competition. Less competition means a smaller chance of having to outbid other potential buyers. You may be able to get a good deal if you find a home with a very motivated seller.
Additional read: What Are the Documents Required For Home Loan For 2022
Selling Benefits During the Pandemic
Selling during a pandemic might seem intimidating, but there are some advantages to selling your property right now.
Less Competition
With the housing inventory being low, your online listings will gain more visibility from potential buyers. And although fewer people will be looking to purchase a home right now, that means there’s a bigger chance that your home might be the only property to fit a potential buyer’s needs.
Even though the pandemic has seen a limited number of sellers and buyers, this change in competition can work in your favor whether you’re buying or selling a home. Whether you’re a first-time buyer or have experience with the home buying process, a real estate agent will always be able to help you get the best deal.
Collaborate with an Agent
Partnering with an experienced real estate agent is quite common, with 89% of homebuyers making their purchase through an agent. Especially during the pandemic, there’s more reason to get in touch with an agent who is knowledgeable about the market. We don’t know what to expect when it comes to real estate, so collaborating with an agent will be especially helpful.
If you’re looking to sell your home, it may be tempting to skip this step. However, the pandemic has brought on unexpected changes and will continue to do so. With 90% of buyers saying they would use their agent again, you should take precautions by collaborating with a skilled agent who has experienced the ups and downs of the real estate market.
One thing to remember if you find yourself needing to sell or buy is that laws and guidelines will vary between states. A realtor will understand what the current real estate market looks like and be able to help you navigate the latest changes in the housing process.
Mortgage Experts at A and N Mortgage
A and N Mortgage Services Inc is a mortgage banker that specializes in providing quality home loan programs. Our mortgage experts tailor our solutions to your situation while using highly competitive rates. Our team works around the clock to deliver the best mortgage and real estate options, helping you easily secure your new home.
Whether you’re looking to sell your home or begin your homebuying process, our team of experts will be happy to guide you through the process. If you’ve been considering achieving your housing goals this year, you’ve probably been asking things like:
- Should I sell my house now?
- Is it smart to buy a house right now?
- Why is everyone buying houses right now?
Regardless of what your housing goals look like, our team at A and N Mortgage has years of experience helping homeowners and buyers alike navigate through the changing real estate market. If you’re ready to secure your housing goals during the pandemic, our experts can assist you.
Get in touch with our experts at A and N Mortgage today to schedule a consultation and learn more about how we can help you.
A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.
