Due to the Coronavirus, many are taking their homes off of the market for now. The process of buying a home looks different during social distancing, but that doesn’t mean that you shouldn’t buy right now if that’s what’s right for you. Changes to the real estate industry, like using more technology, that may have eventually taken place have sped up. If you are going to buy a home right now, one thing you can count on is for tech to play a big role in that process.
As with most market disruptions, it appears to be only temporary. Interest in buying homes has gone up with the news that we are flattening the curve from the Coronavirus. Here is what to know about buying a home right now:
Two Sudden Home Buying Trends Due to COVID-19
Another trend we might see is home buyers opting for more spacious homes. Over the last decade, the trend has been to lean towards smaller, more minimal homes. A smaller home can be a more affordable option. But, since families have sheltered in place, having more space seems to be a more appealing option. Ample space at home for families to live in comfort is surely going to be on a home buyers’ minds more than ever before.
Like the need for more space, the need for home offices is becoming a necessity instead of just a luxury. Especially now that the ability to work from home where the only requirement is an internet connection.
For many, it has recently become a requirement to work from home in order to keep working at all. Companies who may have avoided allowing their employees to work from home before had to quickly adapt and allow it. Now that it’s proven that many employees can telecommute, some workers may have the option to continue working at home after the shelter-in-place is over. A good home office will be a more important buying point moving forward.
Should you wait to buy a home because of the Coronavirus?
Home sellers are not lowering prices and panic-selling despite the disruption in the housing market due to the Coronavirus. Luckily home values have not gone down and the market is likely to bounce back in the coming months. Interest in buying homes has increased, which is likely because of the news of the curve flattening from COVID-19 infections.
But it’s still a time of uncertainty and people tend to lean towards renting homes instead of buying homes to avoid taking on big financial commitments. This might be the better option for you right now if you would like to move but your credit score has some room for improvement.
Most lenders are changing their requirements for now. You might need a higher credit score as lenders are less willing to lend to lower credit scores than they would have months ago. Ask your Realtor for insight on this. Ask what their preferred lenders are leaning towards at this time if you have concerns. You might also want to spend more time shopping for the loan that suits you best.
What to know when searching for your next home
While there are still plenty of people out there looking to buy a home, some have decided to pull their hats out of the ring seeking financial uncertainty. This is good news for you as there may be significantly less competition to buy your dream home.
You might have fewer buying options as some sellers take their homes off the market. (This could also be a good thing for home-buying as it reduces decision fatigue from having too many options. If you want to buy right now then you’ll find your home quicker.)
Know that you will likely be touring your potential homes virtually – either from videos, 3D interactive online tours of homes, and virtual tours of the home hosted by your agent using Zoom. When you’ve decided, you’ll likely do a final walk through in person before making your home purchase official. Ask your Realtor how this can work for you based on the latest rules and safety regulations.
Times are uncertain but that doesn’t mean that you won’t still need to buy a home if that is what’s right for you right now. There are still plenty of sellers with great homes available. This could be a great opportunity for you to find one at a good price. Having a Realtor in your corner to help you with any questions and uncertainties during the home buying process is essential. A good agent will assist you with every step of finding and buying the right home.
If you’re looking to buy a home in the Roseville, California and surrounding Placer County area, call us at Quantum Real Estate. We’re here to help you navigate the home buying process and help you decide the best option for you.