Many people are seeking to buy a home during the COVID-19 pandemic. Some wish to relocate since they now work remote and want to try a new area or find a larger house. Others see falling home prices and want to invest. The economy is certainly in a state of flux, so it is important to do your research first. Professional Mortgage Solutions of Rego Park, NY provides you an updated home buyer checklist with COVID-19 considerations in this week’s blog post.
Checklist Item 1: Review the local economy and amenity changes due to COVID-19
The pandemic has impacted a lot of local amenities, closing some cultural institutions and restaurants for the long term, even permanently! Review what you desire to access and ensure people still have viable streams of income in the area. Look at how well you can access local services related to health, food, recreation, and the things you need or desire.
Checklist Item 2: Check data on the inventory of homes in your desired neighborhood
If the inventory of available homes in your desired area is low, this lessens your negotiating power. You can look at the recent history on offers made in an area sale prices to get a sense. Many people want to move remote. Even in rural areas, there may be home buyer competition. Likewise, you should scrutinize a place that has not had many offers to find out why. When someone is selling their home, and the reason could be financial, or it may be physical.
Checklist Item 3: Review what financing you can secure.
You may see the recent falling rates as a sign you will get a good mortgage. However, banks are still bracing for the impacts of failed loans. When this happens, some may see rates rise as lenders have to tighten their restrictions and approvals. If a location does not give you competitive financing options, find out why. Ensure that your long-term finances that will paint a good picture for a lender, as well.
Checklist Item 4: Write down a list of what you seek in an ideal home and neighborhood.
Within your budget, work on a list of what you desire both in a home and the local community. For example, some parents desire an area with low COVID rates so that their child attend in person schooling safely. Others plan to work remotely for the long haul and now can take the opportunity to move to an area with more space and lower prices.
There are many more things to consider when buying a home. Professional Mortgage Solutions has an outstanding team waiting to tell you more about all the changes in buying a home during COVID-19. Please reach out to our team in Rego Park, NY for a no-hassle quote.