The process of buying a home is always exciting, but when you are facing the process of buying a home amid a national pandemic, you may not know what to expect. During the COVID-19 pandemic of 2020, the buying and selling of residential properties may have slowed, but homes are bought and sold just the same. The home-buying process does look somewhat different for those buyers who ventured out to find their next place to call home. In the event you have to shop for a home during a pandemic, here are a few things to expect.
Expect the buying process to be uniquely designed to thwart health concerns
The usual home buying process involves interacting with a number of different people. You may interact with a real estate agent, various homeowners, a mortgage service, and even people who will assess property value. Amid a pandemic, interactions with others will be kept to a minimum. You may attend more virtual home showings and speak to your agent primarily over the phone or via video chat, and you may not directly interact with a mortgage services provider at an office.
Expect listings to be a bit harder to find in some areas
Expectedly, you may not find a lot of homes for sale in some areas during a pandemic. Most people will not be looking to move if they are able to retain a stable income and can avoid having to let go of their homes. Homes often get placed on the market because buyers are looking to relocate or downsize, but during a pandemic, many may put off these plans temporarily. Working with an agent who can help you locate home listings will help you get a better look at your choices however limited they may be. Keep in mind that broadening your search area can yield more listings.
Expect mortgage rates to be a bit lower than usual
Due to the change in the economy and fewer people seeking home mortgages, home mortgage rates fell to a record-setting low in 2020. Freddie Mac had the lowest mortgage rates since 1971 at just 2.86 percent for a 30-year mortgage with a fixed rate. If you are looking for a home and will be buying without regard to the pandemic, you may very well end up with a better mortgage rate because of it. It is a good idea to get quotes from a few lenders before you start the process of looking for residential houses for sale.