Buying a new home can be stressful, even during the best of economic times. 2020 presented some unique challenges because of the COVID-19 pandemic. But how has the situation changed? Are the top challenges for buying a new house in 2021 the same as they were in 2020?
The short answer is yes, but it can still be done! Below, the experts here at Mortgage Solutions Financial have offered some advice on how to overcome these challenges.
With most states opening back up for business, the economic climate should be favorable for a robust housing market. However, the aftermath of COVID-19 has produced three significant challenges for first-time homebuyers.
- Decrease in the number of home tours
- Limited out of state housing opportunities
- Financing issues
Fortunately, there are ways to overcome these challenges so you can pursue your dream of buying a new house in 2021.
Decrease in the Number of Home Tours
Home tours virtually shut down in 2020. So far in 2021, a growing number of realtors have stuck with the virtual home tour model. You want to step into a home to get a feel for it. Fortunately, advanced digital technology has helped develop software that makes virtual home tours feel like you are there in person.
We recommend taking a look at three-dimensional renderings. These will give you an idea of a home’s layout. A realtor will then take you through a virtual tour of every room.
Buying Out of State
Buying your first house out of state in 2021 may be challenging. Despite many states lifting economic restrictions, some states have kept strict quarantine requirements. No one knows which direction the vaccine passport movement will head.
You might need to move out of state because of a new job. Maybe you want to move closer to your relatives. The best way to overcome this challenge is to research current relocation restrictions.
Tough economic conditions in 2020 caused a host of issues that hurt both individuals and businesses. Lending terms are as favorable as they are ever going to be. The problem is, trying to get a mortgage with a recent blemish on your credit record can be challenging.
The answer to this challenge is to find a lender that has kept many of the same favorable lending terms and is willing to work with your situation. Many lenders continue to implement less restrictive lending standards.
Work with Mortgage Solutions Financial
Buying a first house is one of life’s most important events. You are going to establish roots in a community for years to come. It’s important to feel comfortable and confident with your decision. Learn how to overcome the challenges of buying a new home in 2021 by contacting Mortgage Solutions Financial today.