How To Find Homes For Sale During Quarantine
Last February and March, the world learned about COVID-19, and for the first time in a long time- everything stopped. Businesses closed down, online shopping took the place of retail shopping, and people around the world began to take precautions to ensure that they didn’t spread the virus any further.
The pandemic also affected the real estate market. As companies went bankrupt and millions of jobs were lost overnight, a lot of people had to put their plans to buy a house on the back burner. Now, a year later, many of the formerly unemployed have found their place in a new career and are back to looking at homes for sale.
If you’re trying to make the switch from a multi-family housing unit to your own single-family household, then there’s no better time to sign a contract than now. Many homeowners are desperate to sell and are willing to cut deals and accept lower offers than they would have last year.
In today’s post, we’re going to discuss how the real estate market has changed post-COVID and the best way to find new listings by yourself using the MLS listings database or by working with a real estate agent.
Why Real Estate Is More Important Than Ever
In response to the pandemic, the U.S. government printed over a trillion dollars in 2020 to provide economic relief to taxpayers, businesses, hospitals and to encourage virus testing. Over 23% of all U.S. dollars in circulation were printed last year.
You don’t have to be an economic expert to realize that inflation is coming right around the corner. In fact, you’ve probably already noticed that your favorite fast-food restaurant no longer has a “dollar menu.” What once cost a dollar now costs $1.25.
One of the prevailing theories, however, is that throughout this period of inflation, real estate values will remain steady. People will always need a place to live, regardless of their financial situation. Whether you’re upgrading, downgrading, or just relocating to take advantage of a new job opportunity, new listings pop up every day.
All of this goes to say that purchasing a new home now before major inflation hits could be one of the best financial choices you make!
How To Find A House For Sale During Quarantine
Although real estate agencies were temporarily shut down, most of them are up and operational again. Although some things have changed, the process of buying a house is still similar to the way that it’s always been. Here’s what you need to know to find new listings in a post-quarantine market.
Step 1: Assess Your Budget
Before you jump the gun and start attending open houses in your favorite neighborhood, it’s a good idea to assess your budget first. Calculate your downpayment amount, the max price you’re willing to pay for the property mortgage, and your expected interest rate on the home.
Step 2: Work With A Virtual Real Estate Agent
Once you’ve got a budget nailed-down, you’ll probably want to contact a real estate agent. Although some of your initial meetings and house tours will be completed virtually, you should be able to see some of the sale homes in-person as long as you’re willing to wear a mask and follow social distancing protocol.
One of the advantages of working with an agency is that your agent will be able to help you negotiate a better price with the property owner. You may even get the price reduced significantly lower than what you expected to pay!
Step 3: Double-Check Property Values With MLS Listings
Although most real estate agents are trustworthy, they may not be giving you the full picture. After speaking with an agent, you’ll want to verify the information that they’re giving you by doing your own MLS listing research.
The MLS database is a database of homes (new and old) that are sold in the area. Typically, only verified agents could access this information. However, by using a third-party site like PropertyProfileReport.com, you’ll be able to verify all of the information you need about the home and ensure that you’re getting the best price.
Step 4: Narrow Down Your Properties List Based On Key Factors
Key factors include information such as:
- How far away the nearest school is (and the school ratings)?
- How nice is the surrounding area?
- Is there a strong/supportive local community?
- What does the local job market look like?
- Will you have to do any extra construction after it’s sold?
Compare and contrast your list of properties and narrow it down to three or four homes that you’re most interested in.
Step 5: Close On Your Contract
After you decide on the property that you’re looking for, it’s time to close on your contract. Contact your real estate agent, make an offer with the max price you want to pay for the house, and wait to hear back. Once a price has been settled, you’ll be able to complete the final paperwork and move in!
As long as you’re patient and willing to wait for the right opportunity, buying a house post-COVID could help you get the best deal possible!