2020 was an extremely challenging year for everyone, with many feeling as though their lives were on hold. However, the show must go on and important life decisions such as buying a home still happen every day. Now that we are in a bright New Year, it’s time to get strategic about navigating the housing market during a pandemic.
We have compiled a list of 4 tips for home buying during a pandemic:
1: Don’t assume that every property will be a deal.
While you may be expecting to find the deal of a lifetime during a pandemic, you might just end up in a bidding war. Many homes were taken off the market at the beginning of the stay-at-home orders, with only 6% of homes holding open houses when restrictions were lifted. Despite the lower inventory and barriers to seeing a home in person, purchase prices and pending sales have been breaking records (with rural homes leading the pack!).
2: Take advantage of digital showing options!
Be prepared to move quickly and potentially make an offer sight-unseen. The rising trend of virtual tours has changed the way many think about viewing a property. Open houses and private showings are not the only options anymore.
3: Due diligence is your new best friend.
It’s easy to get caught up in the moment when you are in a heated bidding war, however, be careful not to remove safety nets put in place to protect buyers. Contingencies such as backing out due to financial reasons, unsatisfactory inspection findings, low appraisal value, liens, or issues with the sale of your previous property will go a long way in your buying process. When making a decision, weigh your options and decide if it is worth it to waive one of these items, keeping in mind the risks involved.
4: Ask about Remote Closing options
At Premier Florida Title and Gulati Law, we are offering digital solutions such as remote closings or Remote Online Notarization (“RON”) to complete transactions. This is a great option if a party is concerned about doing an in-person closing.
Premier Florida Title is here to help you navigate your real estate ventures. Call us today to start the ball rolling towards the closing table.