Hello, and we hope that you are safe, at home, and healthy. The year 2020 will likely go down in history for countries across the world due to the COVID-19 Pandemic. Almost every industry has been touched by the effects of the virus, especially real estate. Not only are people hesitant to make large financial decisions given the state of the economy, but people quite literally can’t leave their houses to participate in the real estate process.
However, the pandemic isn’t going to last forever—thank goodness—and if you are planning on purchasing a home, now is the time to prepare for it. Here are some tips to get yourself ready.
Start Researching Homes in the Area
There are a lot of factors that go into shopping for a home. First off, different buyers have different motives. While some people want to move into a new space, others are more focused on the investment side of things. Either way, it’s prudent to purchase a home that will hold its value in case you decide to sell down the road. Basically: buy for now, plan for later. What we mean by this is that when you purchase a home or property, do so with the intent that it’s going to work well for you in the present moment, i.e. right size and feel. You should also keep in consideration what the house is going to be worth down the road in the event you decide to sell it. Look up homes in the area that meet both standards.
Consult a Real Estate Agent
While the stay-at-home orders are hindering in almost all ways, we’re lucky enough to be able to telecommunicate with other professionals who are working at home, real estate agents included! Perhaps you originally thought you were going to buy this spring, but had to adjust plans due to having to stay home. Or, maybe you’re just getting around to laying down a plan of action for purchasing a new house. Either way, set up an appointment with your real estate agent to discuss the market and the best course of action. Have a conversation about top agent insights for Q1 2020 and your agent’s own input!
Get Pre-Approved for a Mortgage
Getting pre-approval for a mortgage doesn’t mean that you need to take out a mortgage. What pre-approval does is shows you how much money you’d get for your mortgage as well as the interest rate tacked onto it. These figures can help you decide what houses are in your price range. During the outbreak, mortgage rates are lower than normal, and this is something to consider if you plan on purchasing a home anytime soon. Keep an eye on what lender’s rates are, but don’t act hastily in an effort to lock them in. What’s important during this current economic climate is to be diligent with any financial decisions you make.
The James Silver Team in Metro Detroit wants to make sure that you, a potential buyer, feels confident in any real estate decisions you make during this pandemic. Please don’t hesitate to set up an appointment with us and we’ll help answer any questions you may have during this time!