Stay Informed: Buying

Yes!

Home video tours are where the agent walks through the home with a camera, allowing you to watch virtual tours at home.

In some places, temporary business closures are affecting key parts of the real estate transaction, namely appraisals, inspections, closing and title services, and moving. Affected businesses are looking for ways to adapt.

Yes! 

I have experience working with remote clients and are happy to accommodate requests for a video tour.

There are a few ways I can help you to get a better sense of a property that interests you:

• Pre-recorded video tours

• 3D Home tours

• Live video walkthroughs

Pre-recorded video tours

A pre-recorded video is one of the easiest ways to view a home without going there.

3D Home tours

Most 3D Home apps let anyone with an iPhone 7 or newer produce a virtual tour. Then you can explore the rooms in the home at your own pace. 

Live video walkthroughs

Many people are accustomed to video chatting these days through FaceTime, Zoom or similar platforms. I can help facilitate a tour of a home using a video chat app. Let me know if you’re interested, and I can work with you to determine a list of homes that fit your specifications and times you’re available for the video call.

Note: If you’d like to video-tour a home where a seller is unable to let anyone into their home due to COVID-19-related health concerns or restrictions, I may be able to find an alternative solution by working with the seller and listing agent.

Buying a home right now might be challenging — touring in person is inadvisable in many cases, and prohibited in many areas due to public health orders. Job or economic uncertainty may also have you thinking twice about buying. But, there are still steps you can take now so you’re ready to act when the time feels right.

1. Find your price range

Affordability Calculators can help you determine what you can realistically afford to spend on a new home. Just plug in your income, monthly debt and down payment for an estimate.

2. Keep saving

If possible, continue setting money aside for your down payment. The amount can vary: It can be as much as 20% of the purchase price, but it also can be lower with conventional loans or if you qualify for an FHA or VA loan. You’ll also need funds to cover closing costs, moving and other expenses.

3. Check your credit

Your credit score can impact the interest rate you qualify for. You can request a free copy of your credit report from any of the three major credit reporting agencies. Review it carefully and check for discrepancies. Work on improving your score (by paying down credit card debt, for example), and avoid taking out large loans during this time.

4. Gather info and advice

Look at homes online to see what’s available in your price range. Think about your must-haves and nice-to-haves so you can focus your search when you’re ready to take the next step. This is also a good time to reach out to us your local agent who can provide helpful neighborhood and market information.

5. Identify pre-approval materials

A pre-approval letter is usually valid for 60 to 90 days, so you don’t need it until you’re closer to buying. But make sure you have (or can get) the documents you’ll need, such as tax returns, W2s, pay stubs and bank statements. Lenders may also want to see evidence of your down payment. If you’re getting help from friends or family and the money isn’t in your account, you may need to secure the funds prior to pre-approval or provide documentation showing when the funds will be available.

The best time to buy depends on your personal circumstances.Trying to time the market for the best deal is something even professional investors aren’t very good at.

According to some economists, the current environment poses both opportunities and challenges. The opportunities are not as obvious as the challenges, but they’re out there:

• Mortgage interest rates are very low, which has the potential to significantly boost your buying power.
• At this exact moment, with many people pulling back and staying home, there could be less competition for the still-limited pool of homes for sale.
• Sellers may be more flexible on pricing and/or timing in order to close a sale, especially if letting their home stay on the market will cost them or delay their own plans.
• If demand stays strong and the crisis passes relatively quickly — both big “ifs” at this moment — then we can probably expect price growth to accelerate like it was earlier this year. If that’s the case, it might be a good time for some buyers in some markets to get ahead of any growth in home prices.

Still, the challenges are daunting:

• Inventory is already low, and it’s unlikely that many would-be sellers will list their homes right now. That could make it harder for you to find the right home.
• Mortgage interest rates are low but volatile — and lenders are working through a flood of refinance applications. For would-be buyers who secured financing in early March, this may not be as big an issue. It’ll be a lot tougher if you have not yet started the mortgage process.
• It also may be difficult (or impossible) to complete the sale on time if some of the connected businesses, such as appraisals, inspections and title services, are temporarily closed due to public health orders.
• If the crisis persists and social-distancing and other behaviors last through the bulk of the year, home prices may fall somewhat in response to the lack of demand from buyers. It could make sense for some buyers to wait to see if the home they’re eyeing today is available at a lower price tomorrow.

If you have the time and willingness to face the current challenges, now could present some interesting opportunities. But you should have a plan to ensure you can back off and/or re-evaluate as the situation unfolds. If you’re risk-averse or don’t feel ready, you’re likely to be more comfortable waiting until the situation is more clear.