Written by Homelight
Every day that we spend in the midst of this pandemic, we realize more and more how the country is moving towards a “new normal.” Returning back to life before coronavirus seems unlikely anytime soon, but that isn’t necessarily a bad thing. For those in the real estate business, the way people are buying and selling houses is also moving towards new norms due to social distancing measures. Denver has seen quite a bit of change in the real estate market, and we, alongside the rest of the country, will continue to see processes move in a new direction.
If you’re someone who is seeking to buy or sell this year, now is a good time to get informed and proactive on how to move forward. Here are some tips.
Right now, it might seem somewhat scary to purchase a home. Not only is there risk of getting sick, but the economy isn’t strong right now. However, it’s important to note that there are several benefits to purchasing a home right now as well as measures to ensure safety. Here is how to better understand them in order to prepare yourself.
Right now, less people are buying homes due to either them losing income, wanting to avoid leaving their home, or a mix of both. Because many steps in the buying process, like appraisals, notarizations, and even showings can be done remotely, buying a home is still possible and safe. The lower levels of competition can tilt the market from a seller’s market to a buyer’s market in the area, giving you a better opportunity to buy a home with less pressure.
Lower Mortgage Rates
One topic that’s popped up frequently in the real estate world has been federal mortgage interest rates dropping. What this means is that for those who want to take out a mortgage, now might be a good time to do so because you could potentially save thousands of dollars or even be able to afford a lower mortgage term. It’s important to note, however, that the restrictions around being eligible to take out a mortgage loan have tightened. Make sure to be in good financial standing and have a sizable down payment before making that financial decision.
Want to sell your house? Doing so now can feel daunting, but there are several ways to prepare yourself to be safe and informed. Here are some selling tips from top agents to pay attention to.
Don’t Panic Sell
Right now, there are less people buying homes due to the coronavirus. However, it’s important to note that the people who are actually buying are serious. Don’t go into panic mode and take whatever offer you can get out of fear that it’ll be the only one. Understand what the value of your home is, even in the midst of the pandemic, and be serious about what your home is worth. It’s easy to fall into the trap of selling your home for a lower offer, but holding off can work out in your favor.
Expect Delays and Addenda
There will almost certainly be some delays or roadblocks during the process. That’s why most real estate contracts are now adding coronavirus clauses in order to safeguard everyone involved. Speak to your real estate agent about adding in these addendums before proceeding!
During these trying times, it’s important to have a professional on your side to help you make informed and safe decisions. Real estate agents in Denver, Colorado can act as your guide in this new world. Feel free to email me today to learn more about how I can help both buyers and sellers!
Written and Sponsored by Homelight