Thursday, April 23, 2020 / by Leonardo De Almeida
At the start of 2020, the world of real estate was looking optimistic. The economy was doing well, and most top real estate agents in the country had predicted that this spring’s real estate market would be a strong one. However, just a few weeks ago, those predictions were skewed a bit due to the Coronavirus pandemic, which continues to affect most of the country. For several weeks now, citizens of the United States have been under stay at home orders in order to prevent the spread of the virus, which may alter the way people buy and sell homes.
If you’re one of those people who had planned on purchasing a house this spring, don't fret. In fact, signing on a house during this time may actually work in your favor if you know your resources. Here are some tips for navigating the real estate market during this COVID-19 pandemic.
Take the Time to Plan
Many places in the country, especially more popular areas, were in what is known as a seller’s market. Basically, the amount of people wanting to purchase homes was higher than the number of homes available. This created a lot of competition among those wanting to buy a home which also instilled a sense of urgency. Now, with the stay at home orders, many people who originally planned on buying a home this spring are holding off.
With that in mind, the coronavirus’s affects on the spring market can potentially make buying a home now easier in several ways, but also difficult in others. As a buyer, you will have more time to weigh your options and make a choice based on what will work for you both now and down the road. And, you will need to be more resourceful given the stay at home orders.
Take Advantage of Lower Mortgage Interest Rates
One of the most beneficial reasons to push forward with buying a home during coronavirus is due to the falling mortgage interest rates. With these rates, you can potentially save thousands of dollars on your mortgage at the end of the term. Do research on specific lenders and apply for pre-approval. Pre-approval will give you a better idea of how much money you’ll be lent, which can in turn help with your home shopping process.
Use Technology to Facilitate the Process
Most cities and towns are under a shelter in place directive from their government, thus shutting down many storefronts and businesses. However, technology allows businesses that can operate at home to continue to operate. Chances are, you are able to schedule a video or phone call to your real estate agent to come up with a new plan of attack. Something that they may suggest is setting up virtual showings to replace a physical showing. This keeps all parties involved in the transaction safe and healthy.
Further, quite a few real estate services including title searches, notaries, and recording services are either still open for business or are able to temporarily offer remote services. Contact these local establishments to learn more.
While this might not be the way you originally planned on buying a house, it’s the reality that many of us are currently forced to face. If you’re located in the Las Vegas area and you are in need of advice, the Platinum Real Estate Professionals are here to offer guidance during these uncertain times. Get in touch with us today!