BY CHRIS B JOHNSON REALTOR®
#ChrisBJohnsonREALTOR,#TopProducer,#FlipandFix,#RealEstateInvestor,#RentalProperties, #BoomerageBuyers,#MultiGenerationalBuyers,#AJIBoom,#FindYourDreamHome,#PreApproval
Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed:
“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”
Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country?
Here are three reasons for this uptick in activity:
1. Some people need to move. Whether because of a death in the family, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible.
2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually:
- View homes
- Meet with mortgage professionals
- Consult with their agent throughout the process
All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.
3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments. Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.
Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last December and purchasing one now (see chart below):
Bottom Line
Many families have decided not to postpone their plans to purchase a home, even in these difficult times. If you need to make a move, let’s connect today so you have a trusted advisor to safely and professionally guide you through the process.
Were you shopping for a new home when the coronavirus crisis started? Have you put your homebuying dreams on hold out of fear the financial market will take an even bigger turn for the worse?
While it’s true the market has taken a big hit in recent months, that doesn’t mean the housing market is in crisis along with it. In fact, history shows that down markets are traditionally a better time to shop for a home.
So, with a limited ability to shop for homes in person, how are buyers keeping the process going? The tips below can help you keep your dreams of homeownership alive during this difficult time.
Turn to the experts.
The first step is to inquire about your home purchasing interest with a real estate agent. The market is tricky to understand, especially during tough economic times. As an industry expert, they’ll be able to guide you through the process, and will be honest with you about your prospects.
Be prepared.
Just because buyers may have the advantage in a down market doesn’t mean that you won’t have to act quickly to get a good deal. Start preparing your finances now, and apply to be pre-approved for a mortgage so the process isn’t delayed. Once your finances are in order, you’ll be in a better position to make an offer that will be enticing to sellers.
Just ask.
If a seller is really looking to sell quickly, they may be more willing to comply with add-ons to the deal, such as paying for closing costs. As the buyer, you will likely have an upper hand when it comes to finalizing the sale. Not comfortable with negotiation? Your agent can help you, so don’t be afraid to let them know what you want.
Know your limits.
Buyers may still be looking to negotiate, but don’t give in on your budget because you’re worried a better deal won’t come along. There should still be plenty of people looking to sell, and the first home you like that comes along won’t necessarily be the last. Take your time and weigh your options to ensure you make a choice you’re comfortable with. At the end of the day, it’s the home you’ll have to live in—it should be the right fit for you and your family.
What’s most important to remember is that whether it’s a buyer’s or a seller’s market, there will always be homes available and the real estate industry will keep moving. Don’t sacrifice your dreams of homeownership. Be patient, and use these tips to have a positive experience.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
- TOPIC: Home Buying
- LOCATION:
- California Ventura County LA County REALTOR
#HyperLocal,
#ChrisBJohnsonREALTOR,#TopProducer,#FlipandFix,#RealEstateInvestor,
#RentalProperties, #BoomerageBuyers,#MultiGenerationalBuyers,#AJIBoom,#FindYourDreamHome,#PreApproval, #buildingwealth #realestateinvestors #virtualrealtor #yournexthome #virtualopenhouse, #bidonhomes, #xomeagentnetwork, #363benttwig, #3676_5thave, #14242valleyvista #1217NauticalWay
No comments:
Post a Comment