COVID-19 has made the real estate industry take off in a way that it hasn’t in years. More people are interested in buying homes and taking advantage of near-historically low interest rates. For first-time home buyers, buying a house during the pandemic might not be as simple as you’d think. Here’s what you need to expect if you start looking for homes now.
Real estate is moving incredibly quickly. Some buyers are even buying homes sight unseen and waiving their rights to inspections just to get into a property they like. This means your competition will be fierce and you’ll need to find ways to edge out other buyers so you can get into your dream home quickly. The best thing you can do is get pre-approved for a loan before you start looking at houses. This way, you’ll be able to make an immediately qualified offer once you find your ideal property.
The Application Process Might Take Longer
For most first-time home buyers, applying for loans will take much longer than it has in previous years. This is because more people are actively looking for loans and creating a backlog of applications that lenders have to work through. Try to be patient and start as early in your search as possible. Starting your application as soon as you’re thinking of buying a house will help you set a firm budget and makes it easier for you to narrow down your search.
Be Ready to Make Fair Offers
You’re going to face a lot more competition than you would under normal circumstances. The best way to increase your chances of getting your dream house is to make realistic and fair offers. Don’t low-ball sellers unless you’re buying in an area where properties have been sitting on the market for months on end. Remember, there’s a good chance that the sellers will get several offers on their homes at the same time. You need to make sure you’re competitive if you want to transition from first-time home buyer to first-time homeowner.
Start Shopping for Loans Today
The best thing any first-time home buyer can do is shop around for loans. Get quotes from several lenders to help you better understand your budget and your estimated interest rates. If you’re ready to apply, fill out our online application and let our experienced team help you find the best home loan for your needs.