How to Buy a House in 2021
Buying a home has always been a process, but with the pandemic and this year’s market, it has become an even more unique experience.
Many people have changed jobs or been working exclusively from home. Moving season is well underway as well. The historically low market rates have put borrowers in a great position to obtain a mortgage, but now potential buyers need to worry about intense bidding wars and increased home prices.
Money Management
In this chaotic market, it’s crucial to know your budget so that you can negotiate with the seller. Once you have that in order, we also suggest getting a mortgage pre-approval. Having a pre-approval letter will give you a good idea of whether you’ll qualify for a mortgage and, if so, how much you can borrow. Doing so will narrow down your home search and hopefully make the process a little more manageable.
Real Estate Agent Assistance
You are not required to have a real estate agent’s assistance to buy a home. However, if this is your first home or if you are looking to move somewhere you are not familiar with, it can be useful to get an expert’s guidance. They can help you find homes within your price range and in your desired area.
Realtors can also help negotiate the price and other important paperwork on your behalf. With the right realtor, your home purchase process can be much more relaxed.
Making an Offer During COVID
With homes flying off of the market these days, it can be difficult to find a house, get in to see it, and then make an offer before someone else has already swooped in. If you’re brave enough, it may be worth making a bid sight-unseen or after a virtual tour. This poses some risk because there are certainly advantages to seeing a home in person before deciding to move.
Buying Your Home Remotely
Depending on the seller, lender, and realtor, you may be able to purchase the home entirely remotely. We offer a digital mortgage experience which makes this easier, and lots of appraisers and inspectors can do curbside or virtual appointments. You can learn more about our digital mortgage here.
Summary
Buying a home in 2021 is a unique experience with new challenges and opportunities. With adequate preparation and some perseverance, landing your dream home is still very much a worthwhile endeavor. Your friends at HomeLend Mortgage are here ready, willing, and able to help you finance your new home when the time comes.
Give us a call or click to get preapproved today.