3 Tips to Consider When Buying a Home During the Pandemic

With 2020 being long gone and restrictions against COVID-19 finally mellowing down, it’s safe to say that it’s time to start catching up to any plans that you may have set before the lockdown—one of which is homeownership. 

Although some may argue that there are other matters to take care of when it comes to living amid the pandemic, the truth is that the real estate market is never going to be better than it is today. Considering that you stayed and worked at home and spent less last year, you probably have more money left over to finally cash in on a property, especially with prices at these levels. 

After becoming used to what has been widely called our new normal, the American housing market has now reached a point of compensation, with the average home’s price being the lowest it’s been in years. But before you jump at the opportunity to purchase a new property, it’s important to take a step back and come prepared and ready to put the right tips in play so that you can make the most out of the opportunity at hand!

Buying a home in this pandemic? Here are some tips to consider

While the experience of buying a home is relatively the same today, the pandemic adds a few tweaks to the mix that require some adjustments and preparations. From bigger openings for negotiation to additional requirements in compliance with amended regulations, we’ve got you covered with a handful of tips and best practices that can help you make the most out of a pandemic-stricken market: 

Tip #1: Don’t hesitate to consider that this is the right time to buy

Although the prices of properties have significantly dropped over the past year, some people still believe that a bounce in prices is around the corner. Unfortunately, this is nothing more than mere speculation.

While you may feel quite hesitant to purchase a home because of impending price increases, the only mistake that you’ll make is not cashing in on the opportunity while it’s there. Seeing that a home and its accompanying mortgage loan will only cost you as much as what you bought it for, you won’t need to worry about unwanted price increases once the market recovers!

Tip #2: Don’t let haste get in the way of due diligence

One of the biggest mistakes that aspiring homeowners have made in today’s pandemic-frenzy market is foregoing due diligence to capitalize on amazing deals. 

You see, even though it may be true that great deals in a hot market are fleeting and a bit of delay can make a world of difference between winning and losing a listing, this doesn’t mean that you should skip putting contingencies into play. Sure, acting fast and putting your offer in will get a seller’s attention, but the low-price status of today’s market means that many others are willing to offer higher and turn sales into bidding wars. This means that you must always take the time to make your offers look attractive and be patient even when you strike while the iron is hot!

Tip #3: Work with a trustworthy lender that can help you out

If you want to ensure that you’re ready to scoop up a property or home for a bargain, then preparedness will be your best friend, which is where having a trustworthy lender comes in handy. 

Before you even choose a listing from the assortment of options that you’ve been sifting through, it helps to know where you’re going to go for financing once a deal is in the works. By choosing a dependable lender that’s ready to help you out with fast processing times and mortgage products that are easy to work with—such as EST Home Mortgage—you’ll be ready to close a deal long before a final figure comes up! 

Conclusion

Although the current real estate market price declines make for a rather tempting proposition to drop everything and secure a property ASAP, it’s important to take a step back and apply the right tips. Through the three key practices mentioned above, you’ll be able to capitalize on many opportunities to buy properties to live in or flip in a much more beneficial manner! 

Are you looking to buy your dream home instead of spending more money on a lifetime of renting? We’ve got the best home mortgage lenders in Michigan that can help you find the bargain rate you need. Get in touch with us today to learn more about our services!