First-time Homebuyers: Can I Still Buy a House in Oakland County MI During Covid-19? – If you are a first-time homebuyer and were in the market to buy a home in Oakland County prior to the COVID-19 crisis, the situation has more than likely affected your original gameplan.
The COVID-19 situation has derailed millions of folk’s financial plans including buying property. But it doesn’t have to be that way.
The good news is that many people are still buying houses during this unprecedented time, even though things are a bit different than they were before the coronavirus changed the home buying/selling landscape.
As a first-time homebuyer during the coronavirus, here are a few things to know:
Can You Still Buy a House Now?
If you find a home that seems right for you, have job stability and can get financing at historically low rates, buying property might be a wise choice and the right thing to do – even now.
You Can Still Shop for a House
You can still shop for a house, but the rules for viewing a property are going to different than before COVID-19. Buyers, sellers, REALTORS, and brokers are coming up with different ways to see and show homes.
There are also some sellers that might be fine with you touring their house, while others might not be comfortable letting strangers in their home, even if property tours are allowed in your area.
A local real estate agent will know what buyers can and can’t do in your area, so its best to consult an agent for the most accurate, up-to-date information.
You May Need To Get Your Pre-approval Updated
Mortgage lenders are battling economic uncertainty by raising minimum credit scores, requiring higher down payments, triple-checking employment status, and even eliminating certain loan types altogether.
As some lenders increase their standards (overlays), your price range might change because your approved loan amount is lower, or you may no longer qualify for a loan at all.
You May or May Not be able to Get an Inspection
Once the house goes under contract, closing is different in today’s world. You’ll still be able to get an appraisal under current regulations, but depending on whether real estate is considered essential in your area, you may not be able to get an inspection.
A number of home inspectors are now using live video chatting apps like FaceTime or Zoom to let home buyers tag along remotely. This keeps buyers at a safe distance for home inspections.
More Buyers Are Doing eClosings
Tom Gilliam, REALTOR®
29630 Orchard Lake Rd.
Farmington Hills 48334
Email: Tom @ Homes2MoveYou.com