How do you tour a listing during a stay-at-home order? Is this a good time to buy a home? And how can I protect myself if the home doesn’t meet my standards? I have answers for these questions in today’s video.
How Do You Tour a Listing During a Stay-at-Home Order?
Only a very few people (typically investors) are willing to buy a home without seeing it in person. The majority of us want to be able to tour it, feel how a home “flows,” and see each room. But how can you do that during a stay-at-home order? The answer is technology. Thanks to tools like Matterport, you can tour listings remotely/virtually from just about anywhere. Simply click to move through a listing and explore all of its spaces in 3D. Check out the video to see how it works as I “tour” a recently-sold home in Parker with Matterport.
Is Now a Good Time to Buy a Home?
It may seem counterintuitive, but there are two reasons why buying a home now is a good idea.
- Reduced competition — Many buyers have removed themselves from the market during the pandemic. These are folks who *want* to buy but don’t *need* to buy. As a result, you’ll have less competition vying for available homes. With a smaller pool of potential buyers, sellers may be more open to negotiation. With that said, you still should have your ducks in a row and be ready to make an offer when you see a home you like.
- Favorable interest rates — If your job and credit are stable and you can meet the preapproval requirements, you can still obtain a favorable interest rate on your mortgage. We’re seeing rates under 4% here in Colorado for fixed and adjustable mortgages of varying lengths.
How Can I Protect Myself if I Buy Now?
We’ve already talked about how you can tour a listing during a stay-at-home order. But what about putting in a contract and actually closing on a home?
- Protecting yourself via contract: One of the most important elements of any successful real estate transaction — not just now — is a well-written contract. Everyone’s situation is different, but in general it would be wise to include a clause about seeing the house in person and being able to cancel the contract for any reason if the house doesn’t meet your expectations.
- Protecting yourself through closing: I’ve said it before and I’ll say it again — when you’re buying a home, mortgage pre-approval (not pre-qualification) is where it’s at. Beyond that, you’ll want to have your earnest money ready to go and be able to wire it rather than deliver it in person. You’ll also want to keep in close contact with your lender since lender requirements have been changing on an almost daily basis.
Ready to Buy? I’m Ready to Help!
If you’re ready to find your first home or your next home, let me know. My team and I will help you be prepared for all possibilities, with Plan A, Plan B, Plan C (and more if needed). You can reach me at 303-204-6494 or firstname.lastname@example.org.