Should you buy a home during the pandemic?

Dated: March 26 2021

Views: 0

The US real estate industry took a big hit from the COVID-19 pandemic that has ravaged most countries across the globe this year. Last summer, amid lockdowns and shelter-in-place orders, home sales plummeted to their lowest levels since the real estate crisis a decade ago in 2007.

In April 2020, there were 40% fewer listings than the year before. Likewise, 25% more properties were delisted around the same time. The demand for homes has since recovered. However, the supply for new properties has yet to catch up with the demand.

At present, buyers are limited in their choice of properties. Uncertainty over the pandemic has constrained homeowners from listing their homes. However, demand is strong, especially as interest rates are at an all-time low. Sellers are more willing to offer concessions like footing closing costs.

If you’re looking to buy a new home during the pandemic, here are a few things you need to know:

Technology will play a big part in the home buying process

Most real estate companies have pivoted their operations in order to ensure the safety of their staff and clients. Buyers don’t have as much in-person access to homes for sale. Instead, virtual house tours and online open houses have started to become the norm. As such, expect remote showings on the houses you’re interested in, and expect communication with sellers and your real estate agent to be done online.

As a home buyer, it is best to prepare for this change. Familiarize yourself with the apps that your agents and sellers are most likely to use. The ease with which you use these apps will make the entire home buying process less complicated and daunting.

Expect longer transaction times

Buying a house, especially for first-timers, may already be a complicated affair. With COVID-19 in the mix, expect longer transaction times. Between online open houses, Zoom calls, Facetime, and contactless signature signings, you should expect the process to take a bit more time than usual.

Make a strong offer

The high demand and tight inventory have given rise to a seller’s market. Available houses are likely to be snapped up by early birds agreeing to a seller’s asking price or dangling a more competitive offer.

Therefore, sellers are less likely to entertain offers below their listed price or wait for a prospective buyer to think about accepting a counteroffer. As a buyer, you need to act fast. Consult with your agent so that you can both come up with your strongest, most strategic offer to secure the property you’re after.

Seek help from an experienced professional

Buying a home in normal times can be complex enough. Throw the pandemic into the mix and the process becomes more complicated than it already is.

Seeking out the help of an experienced real estate agent can bring you closer to achieving your real estate goals faster and at the best possible price. With a real estate expert in tow, you can make the right buying decision.

Interested in living the Arizona life? We at Aeris House Properties are at your service! Contact us today to learn more about your options. Call 602.671.2343 or email info@aerishouse.com.

Latest Blog Posts

Fun Things to Do This Halloween in AZ

There’s nothing like Halloween in Arizona - the fall colors, apple orchards, and community events take this seasonal celebration to a whole new level. So bring the gang and check out these fun

Read More

How to Enjoy Watching Basketball at Home

There’s something to be said about sitting courtside in a stadium, but streaming the NBA playoffs can be just as exciting as watching live basketball. If you’re staying home, there are

Read More

Requirements for Buying a New House in Arizona

When buying a new house in Arizona, it’s important to make note of any requirements to hasten the buying process and to protect your interests. These may include anything from bank statements

Read More

Memorable Places to Visit This Fall in Arizona

Looking for things to do in Arizona this fall? There’s no better place to spend the autumn season. Check out these destinations in the Copper State.Apple Annie’s Orchard2081 Hardy Rd,

Read More