The coronavirus has thrown a curveball for anyone thinking about selling or buying a home in 2020. Economists predicted the market would be booming this year. And, while the number of people buying homes is fewer, low mortgage rates makes it a more favorable time for those that are. Whatever the case, many millennials are still house-hunting. Here is a guide for those of you on the lookout for your perfect home this year.
Paint the whole picture
You’ll need to look at the current housing market, and how it’s being impacted in your location. Whether you’re in an urban, suburban or rural market will affect the market very differently. One thing’s for sure: as a result of the coronavirus, interest rates on mortgages are lower than ever. If you’re in the market to buy a home, it may be the perfect opportunity for you. You can use this short form to get a quick quote. Keep in mind personal factors as well. How long do you plan on living in the area? Will the size of your family change in the coming years? All of these will bear weight in your homebuying decisions.
Make a list of non-negotiables
Decide what’s most important to you when looking for the ideal home. Your budget is likely the top concern, and you should take into account added costs down the line such as maintenance and taxes. Other possible things to consider are which school district the home is located and the commute to work. No matter what’s most important to you, you should write it down and discuss with your partner what factors are completely non negotiable. You’re probably going to end up compromising in some way when you choose a home, so this is one way to establish what matters most to you.
Get the help of a pro
Buying a home is an enormous decision, and you shouldn’t do it alone. Get the assistance of a mortgage expert. Skip lender fees and save time, energy, and frustration by getting advice from someone with experience. With decades of expertise under their belt, a mortgage lender can guide you to make the most informed decision.
Make your offer stand out
If you’ve found an amazing home that fits your lifestyle and budget, get ready to make a move! For homes that are in a great neighborhood or you there will be a ton of offers around it, you need to stand out from the crowd. Get pre-approved from your lender, and make a competitive offer. This way the seller knows you’re serious about buying. You can also consider writing a letter to the current homeowners about why this home is so special to you. They’ll likely appreciate the extra effort and see that you appreciate the sentimental value of the home.
Do what’s right for your situation
If the circumstances of 2020 don’t make buying a home ideal for you, there’s good news. Next year is set to be a great year for both home sellers and buyers. If you think buying a home could be on your horizon now, however, you should start the conversation sooner rather than later. There are less buyers right now, and less competition means you may have a better chance at securing your dream home.