What to Know About Home Buying During a Pandemic
Posted by Garman Group on
Approaching things in the way you would pre-pandemic could be a mistake. The world is uncertain right now for a variety of reasons. So it's understandable that you may feel frightened about the prospect of buying a home right now. But now that many people are working and staying at home, it may also be the best time for you to invest in a new home and make a move. Here are a few things to keep in mind during your home search and buying process.
There Are Ways to Do It Safely
The guidelines state that we should be cautious about going into people's homes right now — and thanks to new technology, you view many different homes without stepping in them. Many individuals and REALTORS® already do virtual home tours — and due to the pandemic, this has become the primary way to view houses.
But of course, if you're going to buy a home, you want to go inside and take a good look around. And there are ways to ensure safety during home showings.
Interest Rates Are Low
The Bank of Canada has lowered interest rates over the past year, which means it's a great time to get a loan or mortgage and get into the housing market. Predictions are that these lower rates will likely remain steady for at least the first half of 2021 — but you just never know, so now could be your best chance to secure a lower rate and get into the Victoria real estate market.
Demand Is High
With so many people staying at home, many families are looking for more space to practice their newfound hobbies, work from home, and generally enjoy their homes. This means many people are moving into new homes.
Also, people from other parts of Canada have moved to Victoria and Vancouver after realizing how beautiful BC is and all they have to offer.
So, don't be surprised to see high turnover in the Victoria real estate market.
Don't Feel Rushed
As we just mentioned, demand is high, and houses are going very quickly. But you also shouldn't feel rushed to buy one. Don't skimp on any home inspections, home value evaluations, or pull the trigger on the sale unless you're sure this is the right home for you and your family.
There May Be Delays
Because of COVID-19 protocols, many offices allow only a few people to work at one time. Plus, as mentioned, demand has been high for homes, and with lower interest rates, many people are applying for loans. All of this means that applications and other paperwork will likely take longer than usual to get approved and back to you.
Find a Real Estate Agent You Trust
The best way to navigate the process of safely and smartly buying a home during a pandemic is to have a real estate agent you trust. A good REALTOR® will know what you're looking for and not waste your time showing you homes you won't like — and they will help you every step of the way through the entire buying process.