Buying a House During a Pandemic

It's no secret that COVID-19 has negatively impacted the U.S. economy. However, in many parts of the country, the housing market has remained surprisingly strong. If you're thinking about buying a house soon, you can expect a few things to be different. Consider these things when you're purchasing a home during the pandemic.

Things Move Faster
Many houses that are well-presented and priced right are selling within a week or so on the market. This means that you can't just kick back and relax if you're serious about buying a house. If you see a home you like, don't wait! Visit it as soon as you can, and make sure you're prepared to make an offer right away. 

You'll Face Some Competition
It's increasingly common for home sellers to receive multiple offers. The longer interest rates remain relatively low, the more likely it is that you'll face competition while buying a house. When multiple offers come in, the listing agent will often go back to each prospective buyer and ask for their "highest and best" offer. The winning bid can often be anywhere from 5% to 10% above the asking price. 

Since you'll need some extra wiggle room when buying a house in this environment, refrain from looking at homes at the top of your price range. A good rule of thumb is to know your maximum price and then look for homes at least 10% lower than that. This will give you room to bump up your offer if necessary. 

Expect Extra Safety Precautions 
Thanks to social distancing, buying a house looks a lot different now. Expect to take virtual tours, sign most of your paperwork digitally, and wear a mask when you have in-person interactions. Social distancing may also impact how you interact with the title agents, home inspectors, notaries, and others involved in your home purchase..

You'll Want to Sell Your Own House First
Buying a house when you haven't sold your current one is common. However, you may feel more comfortable bidding against other potential buyers if you don't have the weight of your existing home holding you down. 

Selling your current home and moving into an apartment or rental home while you focus on buying a house is an option many people take. You may also consider selling your current home with a contingency to find your new home first. 

Buying a house in a pandemic is different, but that doesn't mean it can't be a great experience. Many buyers will find their dream homes despite the current environment. Will you be one of them? 

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