5 Questions to Ask Yourself Before Buying Real Estate

Jake Michaels
July 23, 2020
1:00 am

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Buying new house

The COVID-19 pandemic has turned people’s lives on a roller-coaster ride. Everything has changed, even real estate businesses. Many plans of buying a new home or moving have been put on hold. Home showings have been delegated to zoom meetings and videos. It seems like one is putting a tap on how people will feel when they want to buy a home.

According to home mortgage experts, buying a home involves a lot of emotions. During house shows, couples can picture their furniture around. They see their kids running around and imagine their family growing their chosen home.

However, as the world adapts to the changes, the future of the real estate market seems uncertain. But while most people think that the current situation will make the prices drop, it has remained surprisingly steady. The demand for homes is still active. Some are looking to downsize, while others are upgrading to more substantial houses.

Should You Consult an Agent?

Optimistically, people want the coronavirus to disappear. But as we move into the “new normal” and the economy opens up, we buyers also need to adapt to the changes. Agents are now meeting buyers virtually. But if you want to meet with your agent at the office, then you need to take all precautions to wear masks, use sanitizers, and gloves.

How Would You Visit Prospective Homes?

Home showings are now made virtually with photos and videos of the house you are interested in. But real-life displays are still possible as long as you follow all the health protocols. Both agents and buyers are required to put on masks, gloves, and have sanitizers handy.

Everyone is discouraged from touching surfaces, and sanitary teams will clean up after a visit. Agents will also observe social distancing and leave doors open around the house so that buyers can enter and leave rooms without touching anything.

Are the Prices of Properties Going Down?

After the pandemic, agents foresee a spike in the prices of real estate properties. Depending on the location, the cost of buying a home will significantly differ. For instance, cities that rely on tourism or casinos can experience a significant decrease in property prices. But other locations with a diverse economy can expect an increase in sales or prices.

What Should You Expect with Financing?

One of the things that worries potential home buyers during this time is that not many banks can offer substantial financing deals. Many banks have ceased offering loans beyond their price point. Thus, if you intend to buy a property once the COVID-19 ends, start looking for a mortgage provider who will approve of your jumbo loans.

How Can Your Agent Help You?

Handin the key to the new owner

Good agents are valuable during these challenging times. They can help you anticipate changes in the market caused by the pandemic. The process might have evolved into virtual meetings and home visits. But buying property remains to be a personal thing. Your broker is there to reassure you from beginning to end.

So although visits are postponed and stopped, people have not ceased checking out listings online. Therefore, while brokers and agents are having the feels of changing marketing, the industry is still “on fire.”

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