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Tips for Buying a Home Amidst an Economic Crisis


Even without the serious health risks of the Coronavirus, experts are saying the current worldwide economic crisis may be worse than the Great Recession. Fortunately, if you're interested in finding a new home, you don't have to risk your health to do so. The real estate industry has been developing its online functions for many years. This makes it possible to comply with social distancing by conducting video tours and doing financing online instead of in person. 

Another positive part of purchasing a home during this time is the fact that there are many new opportunities available, and real estate experts back up this claim.  If you do choose to pursue a new home during this pandemic, there are a few thoughts you will want to keep in mind. The following list includes valuable insights from housing market analysts, mortgage brokers, and real estate agents that will help you avoid mistakes and have a smooth seamless process.

1. Maintain positivity

Real estate companies such as Zillow are forecasting that home prices are likely to drop somewhere between 0.5 to 2 percent in the next 12 to 18 months. Although that isn't a large amount, any discount can be worth it. There are opportunities arising now that wouldn't necessarily be available during other times. Be alert!

2. Explore unique areas

Instead of making it a priority to find a place in one of the most popular neighborhoods in town, pursue those that aren't as well known. Especially during a pandemic, many people aren't likely to take huge risks by purchasing a home in an area that isn't as hyped up. Take advantage of this and be one of the few that explores less traveled waters. According to Gina Lorenzo, a Realtor in Charlotte, N.C., you will almost always get more for your money if you search somewhere other than a "prime neighborhood". 

3. Embrace what technology has to offer

Whether or not you will be able to view a house in person during the pandemic will be almost entirely dependent on where you live. Virtual showings have become more and more common and can even allow potential buyers to analyze interior photos to determine things like ceiling height without even needing to view a home in person. Some other tools that are being utilized by agents include digital notaries and web conferences.

Take advantage of virtual showings, street views, and maps that are readily available thanks to the technology in our modern lives. Some buyers may choose to simply wait out the pandemic to buy a home due to fear of this unknown territory. Consider seizing the opportunities that technology avails you of to help find your dream home.

4. Capitalize on your agent 

Ensuring that you are matched with an agent that you can connect with and who takes the time to connect with you is of utmost priority. This is even more important during such uncertain terrain- you will need an agent who is willing to put in the extra effort to work efficiently and effectively within the confines that quarantine presents.  Another reason to build your relationship with your agent is that it can even give you a head start on listings. Even though an agent may not have the ability to divulge the entirety of a listing before it is available to the general public, they may be willing and able to view the interior early and take a video for your viewing. 

Be sure to search for an agent who takes the time to listen to you without rushing communication. Make sure they are paying attention to your needs and showing you houses that are within your budget and that fit your other needs.

5. Embrace Flexibility 

Especially during uncertain times, flexibility is often considered a valuable trait to sellers. Be willing to do things like waiting to inspect the home until the seller is comfortable having people visit their home or taking over a contract on the home's security system. This will give you an advantage over the other potential buyers.

6. Be Patient

Even during the most stable of times, things can go awry when buying a new property. During this time especially, you can count on there being delays due to lenders and other key individuals adjusting to all the changes taking place. There is a possibility that home inspectors may not be able to enter a property and other things could go wrong. That being said, if you hire an experienced and knowledgeable real estate lawyer, chances are they will have enough experience to help you during these uncertain times. If you do so, you will be able to rest more easily knowing that they will have the expertise to create several contracts for different potential situations which will protect you should problems arise.

Even though it may seem like a crazy time to even consider buying a new home, one thing often rings true: difficult times can bring about great changes. Maybe a new home is that change for you.

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