In this post I am going to discuss things to Keep in Mind About Buying a Home During Covid-19
Is Buying a Home Now During the Pandemic Possible?
Yes, it is possible to buy or sell a home during this pandemic. Real estate transactions are classified as essential services, but must follow each state or country’s social distancing rules. The first step should be applying for a mortgage.
Things That May Impact The Homebuying Process
There are at least five things that might impact the home buying experience:
The home seller might not want strangers in their home or only one person might be allowed to visit the home at a time. Or, the Realtor might tour the home with a phone or digital camera showing the house on Face Time or Zoom. Realtors might make a pre-recorded video or 3D walkthrough with interactive floor plans for each house they have listed to sell.
There may be less competition from other buyers. This means there might not be the bidding wars so common a few months or years back. The home seller might be more willing to look at offers. At the same time, there will be fewer homes available to consider buying.
There might be a problem getting a home appraisal or a home inspection done before closing on a property. A digital version of these processes might have to be enough. This means buyers are purchasing homes with fewer assurances as to value and condition.