Navigating the purchase of a new home can be daunting; add to that a pandemic, and there is a whole new level of issues to consider. 2020 was a chaotic and challenging year. It may have seemed like the world stood still, but the everyday decisions of life, like buying a house, haven’t. Without a crystal ball, no one can predict how the coronavirus will continue to impact the housing market.
Be sure it’s the right time to buy
Don’t panic buy. We’re currently in the midst of a seller’s market. If you have the ability to wait, consider looking later in the summer or in the fall. Historically, the best deals are found in December. With little inventory available right now and construction delays, you may want to sit back and let things level off as society regains a sense of normalcy.
Don’t skip due diligence
During the pandemic, all the rules have changed. Anxious to create their own safe haven, many homebuyers have made the mistake of rushing through the homebuying process and not doing their due diligence. Be sure to obtain a licensed home inspection; review disclosure laws; Google the address to make sure nothing odd turns up; review the seller’s disclosure statement; check with the building department to ensure there aren’t any open permits; talk to the neighbors; get an insurance quote; check the National Sex Offender database; find out how often the police are called to your neighborhood; make several drive-bys at different times during the day to check for noise issues for things like plane flight paths, church bells, and trains; find out what the property surrounding your home zoned; be aware of any homeowner’s association restrictions and find out if there are any encroachments to your property.
Home viewings
The pandemic put a halt to in-person viewings and open houses. While things have begun to open back up in regard to viewing homes, Realtors and homeowners are less enthusiastic about showings unless they are certain you are a serious buyer. Take advantage of virtual viewing options to help you eliminate homes that you may not like. Most realtors offer a comprehensive look at the homes they are selling through photographs, videos, and virtual walk-thru. It saves everybody time and possible exposure to COVID-19.
Ask about remote closing options
More and more title companies and real estate law firms offer remote closing options allowing the homebuyers and sellers to complete the closing documentation from the safety and convenience of their home.
Contact Harbor Classic Homes for suggestions on how to buy a new home during the pandemic.