Pandemics can provide unique home buying opportunities. That’s because market disruptions often propel motivated home sellers to action. Yet outbreaks like the Covid-19 virus don’t automatically favor home buyers. So what’s the real scoop on buying a home during the Covid-19 pandemic? Do home buyers have more, or less of an influence in today’s real estate transactions…and what should you know if you’re thinking about home buying as Coronavirus dominates the news? Find out more…in this helpful Oregon real estate podcast.
Despite the significant disruption of Coronavirus in our daily lives, homes throughout Oregon continue to be bought and sold. Inventory currently remains low, meaning buyers compete more for fewer available homes for sale. If you plan to buy a home now, you need a game plan to score your home purchase touchdown. Here are five helpful homebuying ‘plays’ to reach paydirt.
Pandemic Homebuying Tips
1. Seek to Understand
“When the student is ready, the teacher appears” Mabel Collins
When buying a home in the current real estate environment, it helps to realize that home sellers are navigating market impacts of the Coronavirus, only from the other side. This means homebuyers can better grasp their next step by taking into account how their actions are likely to be perceived by homesellers. Those with homes for sale right now generally know it’s a strange season for real estate. However, it remains a seller’s market. This means even an unusual real estate environment can still favor sellers. With that in mind, don’t expect home sellers to radically discount their price, especially early in the listing cycle.
2. Seize Opportunity
“In the midst of chaos, there is also opportunity.” ― Sun Tzu
While certain factors – like low housing inventory – can create buyer stress, realize that as mortgage rates trend downward, you have a remarkably attractive opportunity throughout the life of your home loan to reduce the cost of borrowed money. And regardless of being a seller’s market, another opportunity at hand could be a more highly motivated home seller. It’s not always easy to sell a home. Add to this the unknown longer-term consequences of the current Coronavirus pandemic. There also could be hidden reasons why the homeseller you’re dealing with has their home on the market and if you write a good offer, you may stand a greater than usual chance for success.
3. Do Your Homework
“One of life’s most painful moments comes when we must admit that we didn’t do our homework, that we are not prepared.” ―Football Great & Actor Merlin Olsen
Since we’re experiencing what’s considered a ‘faster’ than usual market, consider ‘front loading’ necessary tasks for the home offer process. You may have to act quickly, particularly if multiple buyers are interested in the same house you want. This means getting pre-approved. It also means viewing enough homes that meet your requirements to feel comfortable with the offer you make. It’s also helpful to have your Realtor provide recent comparable sales information on neighboring homes to underscore that your offer is competitive.
4. Have Patience
“Haste makes waste.” ― John Heywood
Even in the best situations, buying a home frequently takes us out of our comfort zone, in part because we can’t fully control the process. Buying a home takes not only understanding, but especially patience. In a typical transaction, home inspectors, lenders, appraisers and of course home sellers all get to ‘weigh in’ during the process of your home buying experience. It’s this lack of control that can create stress and worry. Whether a situation means having fewer homes to tour, loan processing delays or a myriad of other issues, in the pandemic environment you may have less control than usual over the home buying timeline. Waiting is routinely part of a successful transaction and patience is a virtue here.
5. Work With An Experienced Professional
“Calm seas never made a good sailor.” ― Franklin D. Roosevelt
A great source of comfort and confidence throughout the home buying process is having guidance from an experienced professional. Like attorneys, Realtors represent you. This loyalty means representation by a Realtor is among your most important decisions. Such teamwork assures you’ll also be able to relax a bit, since you’ll then better understand the entire process. This includes negotiating your best deal, plus what’s routine in real estate transactions, such as who pays for the home inspection, appraisal, title insurance, other closing costs and lender-required repairs? In working with an experienced Realtor, expect your home buying journey to be significantly smoother.
Thinking about home buying or selling?
For a free consultation, contact Certified Realty using the form below.