We specialize in making the home purchase or refinance process a great experience, and right now, that means doing everything online and electronically.
Dealing with the COVID-19 pandemic has put the financial plans of millions of people in turmoil, and this includes those wanting to buy a home.
If you were planning on purchasing a property during this time, you likely have many questions about whether it’s a good idea to buy a home right now. If you are wondering what’s happening with open houses, home prices, financing, or have any other questions, the SeanZ Team can help you find the answers.
Here are answers to some of the most common questions many people have right now:
Is buying a house right now possible?
Buying a home right now is a little more challenging due to economic and health concerns, but it is definitely possible! According to the U.S Department of Homeland Security, real estate services are considered an essential service and have remained open and available during the pandemic.
In addition, the real estate industry has quickly adapted to the necessary changes to help buyers and sellers stay safe. There are certain aspects of the home-buying process that have changed, but they are no less effective. For instance, everything regarding the financing process can be done online and electronically. We can screen share, jot down all the information and lay out the numbers, and answer any questions you may have. You can go through the entire process of financing and never have to meet the lender in person!
Is now a good time to buy a house financially?
There are some advantages to purchasing a home right now from a financial perspective. The first reason is that mortgage rates are historically low, which means that your monthly payment will also be more economical. Putting a contract on a house right now, locking in a low-interest rate, will give you as a buyer more control than renting where the cost to rent may go up.
Another factor to consider is that there is less competition out there right now. COVID-19 has dissuaded some buyers from shopping for a home, so those who do set out to purchase a house face less competition, which may put them in a better position to negotiate with the sellers.
How have home prices been affected during coronavirus?
While COVID-19 has the world economy in turmoil, in most real estate markets, home inventory has remained stable. While some sellers have pulled their listing to wait for better conditions, most don’t have the luxury of time. So a buyer may have the upper hand when it comes to sellers that need to sell.
Is it safe to buy a house right now?
It is not possible to completely guarantee safety. However, the real estate industry has worked hard to protect both the seller and buyer by eliminating personal interactions. Technology allows almost the entire process to be done remotely. Video chats and virtual tours have become the norm.
The Sean Zalmanoff Mortgage Team specializes in making the home purchase or refinance process a great experience, and right now, that means doing everything online and electronically.
How does the appraisal process work?
Another positive change due to the pandemic is the appraisal process. Typically, for an appraiser to do his appraising, they must enter the home to view and assess it. Now, they can do all of that by doing a drive-by and utilizing the databases and online photos to keep buyers and sellers safe. This also includes most refinancing situations.