It is probably no surprise that the COVID-19 pandemic has drastically changed many aspects of the economy, including the housing market. Here are tips to navigate the land to get the most out of your home sale or purchase the home of your dreams.
Selling Your Home
The pandemic has added challenges to selling homes, but it is still possible to sell for maximum profit with the proper guidance. Inventory of homes for sale is low, which means your home can get more traffic. Social distancing can make showing your home more difficult, so use the power of technology to offer virtual tours. For those who want to view it in person, make sure you sanitize your home and offer to leave to limit exposure for your potential buyers. Since more people are working from home, featuring a home office could add to your selling potential.
Purchasing a Home
If you want to buy, now is the time. With fewer buyers in the market, you have a larger pool of homes to view. Interest rates are low, which means you can expect to pay a lower mortgage payment. This seller’s market can allow you to negotiate a better purchase price, saving you even more money. The pandemic may cause some lenders to be wary of financing mortgages, especially if your job stability is questionable due to economic shutdowns. Make sure you have financial documentation ready and be prepared for a lengthier approval process. And even though it may be difficult to schedule inspectors due to social distancing guidelines, it is always wise to have an inspection completed before submitting an offer.
Buying or selling a home can be stressful during the best times, but the pandemic has added an unprecedented layer to the process. If you are considering entering the housing market and need some guidance, get in touch with Network Title today.