Buying Property during a Pandemic
09 Sep 2021
The pandemic saw a considerable increase in US home sales as people took advantage of the lower interest rates to buy a house. The situation created a huge demand for homes that increased home prices. The limited housing supply and price increase tempered the demand, and US home sales slowly went down.
Over a year after the pandemic started, the economy recovered, and people started traveling again. But US home prices remained high as the housing supply remained limited. But the situation shouldn’t stop anyone from buying a new home, especially for first-time homebuyers. Here are a few tips that you can consider when looking for a home during the pandemic.
Avoid Getting Emotional
The first thing that they should do is to avoid getting emotional. Buying a home is a major decision for many people, so they should think it through before committing to the purchase. They should not fall in love with the first house they see. There may be a lot of better homes available at better prices in the market.
So, they should focus on checking the features of each home before purchasing it. Homebuyers may even go through several home viewings before they find a house that’s suitable for their needs. They should always ask to view the house, either physically or virtually. While it is a sellers’ market, homebuyers can still check the homes and look for the best deal in the market.
Consider the Condominium Market
While most people prefer standalone houses, people shouldn’t ignore condominiums. Demand for these homes is lower than the supply and is ideal for people just starting their professional careers. Millennial homebuyers can consider getting these homes since they are located within urban centers and are close to their workplace.
Some of these properties have the amenities they need to live a comfortable life. They may have a spa, gym, restaurant, and shops in the lower levels of the building. And once the country achieves herd immunity, the urban areas will become packed as people start to go back to their normal lives in the city.
To get the best deal out of these properties, homebuyers can look for preselling condo offers from developers. The prices of the properties at this point are lower than buying the ones that are ready for moving in. While they may have to wait for the completion of the unit, they will save a lot of money once they move into their property.
Renovating is an Option
Homebuyers can also opt to look for existing homes in the market. The competition in this segment of the market can be tight. So, homebuyers will find themselves in competitive bidding wars with other buyers. While move-in-ready homes are ideal for many people, finding one that fits the budget is not easy.
Another option for homebuyers is to check homes that have remained on the market for a long time already. These homes are less competitive due to some issues that they may have, which turns off some buyers. They may be overpriced or may need some renovation.
Even as homebuyers cannot do anything about the price, they can fix up the place. This allows them to buy a house and design it to meet their needs. It is also possible that these homes are affordable but have not attracted many buyers due to their aesthetics. So, homebuyers can consider these homes if it fits their budget for the purchase and renovation after they buy it.
Be Decisive with the Purchase
When homebuyers make a purchase, they should be decisive and not buy it so that they can have something that they own. Since buying a house is a major decision, they should focus on purchasing a home. If they need to go through dozens of offers, they should know what they want in the house. To facilitate this, they can list down the features they are looking for in a house and focus on them when selecting one that meets their needs.
They should also be aware of the other expenses of homeownership, including real estate taxes, maintenance, and homeowners’ association fees. Being aware of these add-on expenses allows the homebuyer to make an informed decision about purchasing a house. They can include these expenses on the list of features they are looking for in a house so that they will not be surprised once they finalize the purchase.
Buying a home is a major decision for many people. So, a homebuyer needs to take many factors into account when he looks for a house to buy.
Craig is a husband, a father, team leader, senior youth group coordinator, designer, brander, community builder, volunteer, travel writer, and social media strategist. Craig likes to travel, go camping, go on road trips, watch movies, read with his girls, build stuff, operate the grill, and sing with his band. Craig is a member of the Travel Media Association of Canada. In June 2017, PR firm Cision identified Craig as one of Canada’s top 10 most popular male bloggers in the parents and family space. Known as Big Daddy Kreativ, his blog specializes in travel, food, and lifestyle.