Before the coronavirus crisis, what were your home buying goals? As the current pandemic impacts our lives and businesses, we're all left wondering how long it will last. Many families are affected, frontline workers are risking their health to save lives, and the economy is expected to experience a downturn.
“Non-essential” businesses and services are closed, and we are given critical stay-at-home orders to help flatten the curve. Major changes have been imposed in the real estate industry, including new policies and guidelines for buying and selling homes. Such policies include strict social distancing, frequent disinfection, and other recommendations by the Centers for Disease Control and Prevention (CDC).
With extreme measures in place, many people have decided to put off buying a home until this health crisis settles down. But some are still looking to pursue real estate plans this year or want to continue their house-hunting journey even while staying home.
If you’re one of them, here are three things you can do to keep your home search on track while doing your part to stop the spread of the virus.
1. Do as Much Online Research as Possible
Although outdoor and social movements are restricted for now, you can use this time to do research that will benefit your home buying journey. Investigate these details to have a clear path forward once the lockdown is over:
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Median price of homes sold in your area
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Average days on the market before sale
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School zones and school reports
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Transport links
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Property taxes
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Crime rates
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Local neighborhood facilities (parks, gardens, etc.)
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Neighborhood groups and organizations
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Common HOA fees and rules
You can also:
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Check down payment assistance programs in your area
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Investigate ways to reduce closing costs
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Assess your cash flow
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Determine your budget
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Estimate annual home maintenance and repair costs
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Make a clear list of your must-haves (want vs. need)
2. Connect With a Trusted Real Estate Agent
Many brokers and agents are now working remotely and maximizing technology to conduct business. You can virtually connect with your trusted agent to stay informed about the local property market and get advice.
Schedule video consultations through apps like Skype, Zoom, or FaceTime to discuss what you’re looking for. A reliable realtor will listen to your concerns about the pandemic and understand if you’re hesitant to go through showings.
When you hire such an agent, you not only gain a professional guide to navigate the homebuying process but also a lifetime friend who can support you throughout this unusual time.
3. Take Advantage of Virtual House Tours
If you want to continue your homeownership plans while staying inside, look online for available listings in your target area. With open houses and in-person showings canceled, virtual or digital tours are becoming the new norm.
Thanks to cell phones, drones, 3D cameras, and other tools, potential buyers can now walk through properties online instead of just relying on pictures. Ask your agent if a 360-degree virtual viewing is available.
You can also live chat or FaceTime with your agent while they walk you through a property and its surrounding neighborhood. They will advise you on what’s allowed in your state or area for virtually shopping for homes.
Bottom Line
Our usual activities may be on pause for now, but with guidance from experts, continuing your home buying journey is still possible. Staying informed about the market and preparing in advance ensures you’re ready when the time is right.
It’s both hopeful and wise—and a great reminder that this too shall pass.
