This year has been more challenging than most in regards to buying a home. However, it is still entirely possible to find your next home under current COVID-19 restrictions. Read on and discover a few house hunting tips for people searching for their next home during COVID-19.
Your first step when beginning your home search is to get preapproved for a mortgage as soon as possible. Because inventory is low in many markets, you want to be sure that you are ready to act when you find the right home. When you are not preapproved, you run the risk of missing out on homes to the competition. In most cases, the preapproval process is very easy and straightforward. Many people believe the hardest part is just gathering the correct documentation. After you receive your preapproval letter, you won’t have anything back from moving forward with submitting an offer on a home. Also, during the COVID-19 pandemic, some sellers only allow in-person home showings to preapproved people. With this, do yourself a favor and get in touch with a lender and get the process started ASAP.
Be sure that you have a reputable agent in your corner that can help you do some digging with your home search. There may be some houses in your desired area(s) that have yet to be placed on a multiple listing service, known as premarket. If you can find a premarket home, it may mean less buyer competition.
Buyers today need a decisive mindset when searching for their next home. With historically low levels of inventory in many parts of the country, buyers who are serious about purchasing a home during COVID-19 have to act quickly if they want to secure a home. In some cases, a buyer may need to make a decision right after touring a home because they are competing with many others. Unfortunately, most buyers do not have the luxury of mulling over choices for a long time if they are serious about buying under the current circumstances.