The COVID-19 pandemic has brought on unprecedented challenges for businesses in almost every sector all around the world. Real estate is no exception. While the housing market may have experienced a slowdown, it is still well and active.
The power of virtual and digital technologies that are accessible today’s times has helped many businesses navigate the current health and economic crisis, and emerge winning.
While homeowners and home buyers may have faced some challenges in purchasing a home, the housing market is still healthy and strong, with many opportunities for buying a home even in the times of COVID-19.
Buying your dream home during the current pandemic is not as challenging and difficult as you may think. Real estate and mortgage professionals have the necessary tools and expertise to help you navigate home buying, even during these times.
It is therefore important to seek the help of trusted professionals for any real estate transactions, as they are equipped with the knowledge and experience to help guide you in making decisions that are right for you.
Benefits of buying during the COVID-19 climate
Purchasing a home in the current situation may actually be ideal. While people may be fearful of home ownership or just the logistics of buying a home right now, this may help pave the way for you to secure your dream home without fierce competition involving bidding wars.
With potentially less people out buying homes, you may have the advantage of getting into a more stable market. Homeowners may also be more flexible in negotiating prices during the current situation.
Additionally, the federal government has introduced new programs and incentives to help with economic recovery as a result of the pandemic. These programs may provide added incentives and assistance to first time homebuyers.
While many people are waiting for the opportunities that will emerge as the economy and country slowly get back on their feet, the prospects of buying a home are still very good right now so waiting may not be the best option. Home ownership and investing in real estate are always a part of smart long-term financial planning. So getting a head start on it in any climate is always advisable.
To navigate home buying and selling during the pandemic, real estate professionals have successfully used digital technologies to conduct house tours and showings using 360 and 3D platforms, and do remote closing using electronic signatures and electronic filing systems.
This may be a great time to look at houses from the comfort and convenience of your current home. You can go online and research what area and what type of a home you want. Home listings often include detailed virtual tours and images, so you can take your time to look at all of the details. You can also request more in-depth virtual house tours from real estate agents. This can be more beneficial than a one-time in-person house tour where you have a limited amount of time to look at a house and make a decision.
Agents are able to work remotely, using digital technologies to conduct remote deals and virtual closings. This could actually take the stress and hassle out of in-person document filings and a lot of back and forth time traveling to the agent’s office.
Real estate agents and mortgage professionals are still working around the clock to help buyers buy their dream home. They’re taking care of the planning and logistics involved in buying a home, safely and securely during the pandemic. So now is as good of a time to make a home purchase as any other in order to get into the market.
How to Plan a Safe Visit
Depending on the regulations and guidelines in place at the given time in the area(s) you are interested in exploring housing options, real estate agents may be able to set up in-person viewings using the appropriate safety precautions. They may require the wearing of masks, using hand sanitizer, maintaining social/physical distancing during the house tour and limiting the number of people at the tour. Your agent can work with you to plan a safe visit.
Get Pre-Approved for a Mortgage
If you want to be seen as a serious buyer to sellers, getting a mortgage pre-approval before you begin house hunting is essential. This will allow you to see how much you are qualified to borrow from a mortgage lender.
You can also work with lenders to get a pre-approval online. If this is not an option, mortgage specialists can still help you start preparing your documents for when you can actually meet with them in person. This includes getting personal identification, credit score and income information in the form of pay stubs and/or proof of employment.
Get in Touch with the Professionals
At Axiom Mortgage Solutions, our team of specialists is ready to help you buy your dream home or investment property. Whether you are a first-time buyer or are looking to upgrade or buy an additional property, we can help you finance whatever you are looking for both safely and efficiently during this COVID-19 era.
Get in touch with us today to book an appointment with our experts. We have a number of offices across Ontario. You can give Rob Zanet a call at the Tecumseh office at 519‑735‑1440, or Sandra Zanet at the Leamington office at 519‑326‑4978. You can also visit our website for more information.