Many changes are now in effect that could actually make the overall home buying process easier, safer, and quicker. The new norm has become more of a semi-contactless process. We have seen a lot more electronic signing of documents and even electronic delivery of option and earnest money. The most important thing is to ensure the safety of all parties involved and respect the requests of individual homeowners while viewing their personal homes.
There are, however, a few changes that will take some getting used to. For example:
1. Some families are delaying putting their home on the market, so there is less inventory than we are used to this time of year.
2. A few homes only allow for a virtual tour. So, you may not always have the benefit of a physical inspection.
3. Mortgage lenders have tightened up their lending standards during this economic uncertainty. So, it could be a little more difficult to obtain financing right now. It is always best to get the pre-approval from your lender prior to house hunting.
The home buying process has changed, but there is still a great deal of opportunity! With historically low interest rates and the busy summer season being upon us, we are confident you can still find your dream home, even in a pandemic!
Please let us know how we can help you!