When an unexpected natural disaster or state or local emergency interrupts your plans to start house hunting, all is not lost. Many have gone back and forth wondering, “Is it okay to act again yet?”
Many business owners have slowly but surely started to regain confidence in a new era where we are more aware of how to be safe while also striving for economic strength again.
The home search front is no different. Couples seeking to buy may not think this is a opportune time, but interest rates may only increase, so if time is of the essence, they should act now.
While opportunities to get pre-approved for a mortgage, meet with a real estate agent or tour homes for sale may be on the back burner, there are still ways you can work toward buying your dream home.
Making the Move Now May Be Right for You
You never know how motivated sellers are to move a piece of property. And sometimes the competition in one neighborhood differs widely from a few streets over.
Starting your hunt virtually while sheltering in place can be beneficial if you find you have the time to shop online more thoroughly; that extra effort may give you an advantage in finding a home you love within your price range. Taking an online approach to shopping might be a good move for now.
Getting Preapproved for a Mortgage
Sellers love to be approach by buyers who are “serious.” Nothing says that more than a preapproval letter in hand. It may be possible to get preapproved online, so consider looking into that option.
Check your credit reports and get your credit score.
Gather all the information your lender will need to start the mortgage preapproval process: income information (W-2 statements from the last two years and recent pay stubs); asset information (bank statements and investment account statements); and your personal identification.
Once your lender is available to meet with you in person, you’ll have everything necessary to make the mortgage preapproval process go smoothly.
How To Research the Market
What to look for in the area of your desire is the area’s home values — specifically the average selling prices for the type of home you are interested in purchasing. Familiarize yourself with real estate terms and listing abbreviations so you can easily browse listings and focus on the features that most interest you. Finally, ask friends and family for realtor recommendations and check out their credentials and online reviews. Make a short list of real estate agent candidates to interview once you are able to set up interview times.
Virtual Home Viewing
If you were all set to start house hunting only to be disrupted by poor timing, mandates, or even the COVID-19 pandemic, don’t fret. You can still view houses on the market right from your own home. Many real estate agents adjusted with the needs of the pandemic and have made new habits such as posting virtual tour videos of of properties for sale on their social pages or website.
Contact us for additional insight into the Watertown, MA and Greater Boston Market. Our real estate page has additional information. Also, check out our MLS listings!