Our Real Estate Blog
According to the National Association of Realtors, year-to-year increases in home sales have remained steady in spite of apparent dips in March 2020 due to COVID-19. This one fact goes to show that the proverbial show must go on when it comes to people buying a home. If you were on a home search before the coronavirus was declared a pandemic, or even if you started searching after, there is no reason to stop your search efforts. Yes, social distancing still remains an important aspect of preventing the spread of the virus. However, as a homebuyer, shopping and staying socially distant are perfectly doable. Here are a few simple tips to keep in mind.
Keep communication on-point & personal with video conference calls to agents & sellers.
Your real estate agent or realtor is your go-to person throughout the buying process. The average buyer will have multiple meetings with this professional as they get together to lay out details of wants and look at potential properties. Even though socially distancing yourself from your realtor may mean a lack of in-person meetings, it doesn't mean you should ever lose touch. Whether it is keeping in touch via phone or video conferencing, these interactions are vital to you having the most opportunities as a buyer.
Take advantage of on-demand house shows with live chat functions.
House shows don't have to mean taking a chance and going to a place where there are other people in close proximity. Thanks to modern technology, a home showing is something that can be accomplished entirely remotely. Many real estate companies and sellers are now holding on-demand house showings that include live chat functions. This means you can reach out about a property you are interested in seeing, get a live virtual tour and ask any questions you have in the process. Of course, if you decide at that point that the home is a serious prospect, it is best to arrange for an in-person showing while keeping the general social distancing rules in mind.
Go to lenders using the latest technology & encouraging social distancing.
While shopping for a home, you will likely also be shopping for a mortgage, which would normally mean paying a visit to multiple lenders in your area to see what offers you get. Thankfully, the majority of modern lenders take advantage of online platforms on which the bulk of the application process can be handled online. If you have a lender in mind that doesn't offer an online platform for applying for a mortgage, reach out to them to see if they can do something over the phone or via email.
You Can Find a Home in Spite of COVID-19
Yes, COVID-19 has changed the way we interact but you can still search for and find a home you'll love—the steps may just look a bit different than usual. Talk to your real estate agent for more local guidance and tips as you navigate through your homebuying journey.
The process of buying a house may prove to be long and complicated. Fortunately, there are several steps that you can take before you pursue a home to streamline the homebuying cycle, and these include:
1. Create a Homebuying Checklist
It helps to start the homebuying process with a homebuying checklist in hand. This checklist will enable you to differentiate between home must-haves and wants, resulting in a fast, efficient homebuying journey.
Think about what you require from a home. For example, if you need a house that is located close to your office in the city, you should include this information in your checklist.
Also, if you want a house that features a built-in swimming pool, you can include this information in your homebuying checklist. But keep in mind that a swimming pool likely is a non-essential item. And if you find a home that is virtually perfect but lacks a swimming pool, it may still be a good idea to pursue this house.
2. Establish a Budget
How much can you afford to spend on a house? This question frequently plagues buyers as they proceed along the homebuying journey. Luckily, you can determine how much money is at your disposal if you develop a budget.
To budget effectively, it helps to meet with local lenders. Banks and credit unions generally offer a wide range of mortgage options and can help you make an informed mortgage decision.
In addition, it often helps to get pre-approved for a mortgage prior to entering the real estate market. Because if you have a mortgage, you can pursue houses that fall within a specific price range and reduce the risk of overspending to acquire your dream house.
3. Hire a Real Estate Agent
If you want to enjoy a quick, seamless homebuying experience, it is beneficial to have a homebuying expert at your side. Thankfully, real estate agents are available nationwide, and these housing market professionals will do what it takes to help you discover a great house at an affordable price.
A real estate agent understands housing market patterns and trends and can help you plan ahead for a buyer's or seller's market. He or she will teach you about the real estate market and respond to your homebuying queries as well.
Furthermore, a real estate agent acts as a guide throughout the homebuying journey. This housing market professional will set up home showings, negotiate with a seller's agent on your behalf and help you finalize a home purchase. By doing so, a real estate agent will take the guesswork out of buying a house, regardless of the current housing market's conditions.
When it comes to purchasing a house, it helps to prepare. If you employ a real estate agent today, you can get the support you need to plan ahead for the best- and worst-case homebuying scenarios. That way, you'll be able to identify and address potential homebuying hurdles before they escalate.
Ready to buy a house? Follow the aforementioned steps, and you can move closer to pursuing your dream residence.
If you are in hot pursuit of your dream home, it is important to do everything you can to gain a leg up on the competition. That way, you can acquire your ideal residence as quickly as possible.
Now, let's take a look at three tips to help you gain a competitive advantage over your homebuying rivals.
1. Keep Track of the Local Housing Market
The top houses sell immediately, and as such, you may need to act fast to find and purchase your dream residence. If you keep track of the local housing market, however, you will be better equipped than other buyers to instantly acquire a house that suits you perfectly.
Monitor the housing market in cities and towns where you want to reside. Then, if you find a house you may want to buy, don't hesitate to set up a showing. And if you like what you see, you should submit a competitive offer to purchase this residence.
2. Get Your Finances in Order
Entering the housing market with pre-approval for a mortgage usually is a good idea. Because if you know how much you can spend on a residence, you can tailor your house search accordingly.
To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. Find out what mortgage options are available, and learn how different types of home financing work. Next, you can select a mortgage that enables you to begin your house search with a budget in hand.
Of course, if you have any concerns or questions about home financing, you should address them right away. If you speak with mortgage specialists at a bank or credit union, you can get the insights you need to make an informed mortgage selection.
3. Employ a Real Estate Agent
A real estate agent is a difference-maker, particularly for a homebuyer who is shopping for a residence in a fierce housing market. Typically, a real estate agent will work with a buyer to craft an in-depth property buying strategy. A real estate agent and homebuyer then will work together to put this plan into action and streamline the property buying journey.
In addition, a real estate agent offers guidance at each stage of the homebuying cycle. He or she first will help you hone your home search to a select group of cities and towns. A real estate agent next will keep you informed about houses that become available that match your homebuying criteria. If you find a house you want to purchase, a real estate agent will help you submit an aggressive property buying proposal. And if your offer to buy a home is accepted, a real estate agent will make it simple for you to finalize your house purchase.
As you get ready to pursue your dream residence, you should devote plenty of time and resources to prepare. Thanks to the aforementioned tips, you can prep for the homebuying journey, gain a competitive advantage over rival buyers and accelerate your house search.
Looking to buy a house without having to break your budget? Put together a homebuying roadmap, and you can increase your chances of finding a top-notch house that falls within your price range.
Ultimately, there are many things to consider as you put together a homebuying roadmap, such as:
1. Your Dream Home Definition
Differentiate your dream home must-haves from your wants – you'll be glad you did. If you can determine exactly what you want to find in your dream house, you can narrow your home search accordingly.
For example, if you need a home with multiple bedrooms to accommodate your entire family, you should include this information near the top of your homebuying roadmap. You then can kick off a search of multi-bedroom homes and move closer to finding your ideal residence.
2. Where You Want to Live
Do you enjoy life in the big city? Or, would you prefer to settle down in a small town? Think about where you would like to call home so that you can effectively plan your homebuying journey.
Ideally, you should try to refine your home search to a small collection of cities and towns. This will enable you to speed up your home search and ensure you can find a house that suits you perfectly.
Keep in mind your day-to-day activities as you consider where you want to live too. For instance, if you work in the city, you may want to pursue houses in or near the city itself. On the other hand, you may be able to purchase a small town home for less than what you would have to pay for a city residence and commute into the city for work.
3. Your Homebuying Timeline
Determine how quickly you'd like to finalize a home purchase. That way, you can map out exactly how you want to approach the housing market.
If you are committed to buying a house as soon as possible, you'll need to be proactive. The top houses sell quickly, and if you don't act fast, you risk missing out on your dream residence to a rival homebuyer.
Conversely, if you can afford to be patient, you can avoid pressure throughout the homebuying process. In this scenario, you can pursue houses at your convenience. And once you find the right home, you can submit an offer and finalize your home purchase.
When it comes to creating a homebuying roadmap, it generally helps to get support from a real estate agent. In fact, this housing market professional can provide plenty of assistance throughout the homebuying journey.
A real estate agent will learn about your homebuying goals and help you develop a successful homebuying roadmap. Furthermore, he or she can keep you up to date about new homes as they become available and make it easy to discover a wonderful residence at a budget-friendly price.
Ready to get started on the process of purchasing a house? Consider the aforementioned items as you create a homebuying roadmap, and you can plan a successful homebuying journey.
Want to buy a house? If you plan ahead for the homebuying journey, you may be better equipped than ever before to reap the benefits of a seamless homebuying experience.
Now, let's take a look at three tips to help you prepare for the homebuying journey.
1. Figure Out Where You Want to Live
Do you prefer the hustle and bustle of the big city? Or, would you like to reside in a small town? Think about where you want to live, and you may be able to speed up the homebuying journey.
A homebuyer who narrows his or her search to houses in a set number of cities and towns may be able to quickly discover the ideal residence. Thus, if you know where you want to go, you can act fast to pursue your dream house. And once you find your dream home, it may be only a few weeks before you can finalize a home sale.
2. Obtain a Mortgage
A mortgage generally is a must-have for a homebuyer, regardless of where he or she decides to live. If you submit a mortgage application before you embark on the homebuying journey, you can enter the real estate market with a budget in hand.
Oftentimes, it won't take long to get pre-approved for a mortgage. You can meet with a variety of banks and credit unions, and these financial institutions can teach you about a wide array of mortgage options. Next, you can select a mortgage that satisfies your personal requirements.
When you meet with banks and credit unions, don't hesitate to ask plenty of questions, either. If you receive expert mortgage insights, you can make an informed mortgage decision that likely will serve you well for years to come.
3. Consult with a Real Estate Agent
Let's face it – pursuing a home should be a quick, easy process, but problems may arise that prevent you from buying your ideal residence. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market professionals can help you make your homeownership dreams come true.
A real estate agent is a housing market expert who can teach you how to discover a terrific house at a budget-friendly price. This housing market professional can explain the differences between a buyer's and seller's market and help you map out a successful homebuying journey. That way, you may be able to improve your chances of acquiring a superb residence if you hire a reliable real estate agent.
In addition, a real estate agent will serve as your guide along the homebuying journey. He or she will keep you up to date about new residences that become available, set up home showings and help you submit homebuying proposals. And if you ever have homebuying concerns or questions, a real estate agent is available to respond to them.
Achieve the best-possible results during the homebuying journey – use the aforementioned tips, and you can plan ahead to acquire your ideal residence.