COVID-19 has ushered in an unprecedented time in the real estate market. The market is awash with virtual showings, new addendums to contracts of sale, and even site-unseen offers. As you navigate the new homebuying order, here are four things you need to know.
- Home Inspections Go High Tech
Unlike some other homebuying entities, home inspectors must be present to do their job. In the age of COVID-19, Wall Street Journal reports that home inspectors are now discouraging homebuyers to attend the inspection. Instead, inspectors are now taking video throughout the process and calling buyers afterward. Until recently, some states (like PA) were not allowing home inspections at all.
- COVID Addendum Attached to Offer Contracts
COVID-19 has led to delays in certain areas of the homebuying process, such as the recording of the title, which must be done in person. With stay-at-home-orders still in effect in many states, real estate agents are frequently adding COVID Addendums to home offers. The COVID addendum allows for sellers and buyers to permit extensions in the sale, while also defining rights for each party to cancel the sale in certain situations. Browse Maryland’s COVID addendum to familiarize yourself.
- Virtual Tours Become Invaluable
Step aside, still images: virtual tours are taking the spotlight. Stay-at-home-orders have ignited a resurgence in 3-D, video, and virtual tours – so buyers must learn how to get the most out of them. We recommend the following:
- Do your homework before requesting a virtual tour. Reading the seller’s disclosure can help you pinpoint parts of the house you want to see.
- Take the neighborhood for a virtual visit. Read our tips on getting to know an area remotely.
- Take the reins. Don’t be skittish about asking your realtor to show you every part of the property that you want to see, asking about smells and sounds, or even returning to a room for a second look.
- Financing Remains a Key Factor
Low inventory continues to be an issue in the housing market—requiring buyers to be ready-to-move when their dream home is listed. Before looking for homes, speak to your mortgage banker to get pre-approved. Looking for a leg up? Get Apex Approved, positioning you to go from contract to closing in as little as 15 days.*
Don’t Let Shelter-in-Place Confine Your Homebuying Ambitions
With virtual tours, real estate professionals creating innovative processes, and favorable financing options available, buying a home during COVID-19 is possible! Embark on your homebuying journey today.
Topics: First Time Homebuyer, where to start buying first home, buying first home, how to buy first home, first time home buying instructions, first time buyer programs
