Despite the economic uncertainty of the pandemic, some are considering buying a house as prices drop around New York neighborhoods. Is this the right time to advantage of buying a home? Do you wonder if you will get financed or if home prices will fall even farther? Professional Mortgage Solutions in Rego Park, NY is here to help you understand best practices for buying a house during the Covid-19 pandemic.
The Housing Market During COVID-19
More time needs to pass before we see how the coronavirus will impact the housing market in the long term. Areas that were not previously affected by the pandemic are now seeing an increase in cases. Other areas are starting to see cases fall. One thing that is certain is that the spread of the pandemic in a neighborhood can impact the home sales. In some scenarios, sellers will see less buyers in the neighborhood. Others are doing simply fine using virtual home tours and online marketing methods.
How do you balance all this chaotic change? Your decision may hinge on what your timeline is to buy a home, and when you see the right opportunity open. Certain homeowners are falling behind on their mortgage, making them a more nervous sellers, this can really benefit your negotiations as a buyer. Other areas will remain strong, due to a shortage of available housing and expense of living. It is best monitor what is going on in an area so you can strike quickly once an opportunity arises.
Changes in Home Tours and Due Diligence in COVID-19
The process of visiting a home has changed in COVID-19, particularly if the home you plan to visit is occupied. One option is to do remote tours and stay safe, but, home visits and inspections can still occur with the right precautions. These are essential to your due diligence as a buyer. Open house events are not permitted in many areas. Many people are using virtual online tours and scheduling one-on-one visits. Many even offer shoe covers and sanitizer to keep you safe.
Getting Home Financing in COVID-19
You need to look at your own financial future and understand if this is the right time to take on a mortgage. Is COVID-19 going to impact your financial stability? Are your assets and savings secured in case your income is interrupted? How will rates be affected? Certain experts predict that mortgage rates will rise as people take lender offers for COVID-19 relief or refinance their homes. It is a best practice to obtain pre-approvals and lock in rates as much as possible.
Finding a Team You Can Trust
Professional Mortgage Solutions is here to help you navigate the risks and rewards of buying a home in COVID-19. Contact our team in Rego Park, NY today to get assistance.