When COVID-19 entered out lives, it’s fair to say the world was on the brink of pure chaos. People were buying out toilet paper and food essentials, businesses were forced to close, and general uncertainty ruled the world. The housing market was by no means immune to this trouble. No one was sure what was going to happen, so no one was able to offer advice during the early days of the pandemic.
However, as time went by and we learned how to navigate the new world with which we were dealing, mortgage professionals were able to provide sound advice to prospective homebuyers. Now, slowly but surely: we are finally seeing a light at the end of the dark tunnel that was the last year and a half.
In this article, we will discuss the best practices that homebuyers should implement during these uncertain times. If you are looking to buy or sell a home and have specific questions pertaining to your situation, a qualified mortgage professional would be more than happy to talk to you and provide up-to-date information.
Opportunity Is Out There
Even though the prospects may seem grim at times, there is still plenty of opportunity in the housing market.
- Buying a Home. Interest rates on mortgages have reached historic lows. This is good news for those looking to buy a home. However, it is still important to perform due diligence during your home search and implement sound practices throughout your homebuying process.
- Refinancing a Mortgage. If you’re in no rush to move, refinancing your mortgage is an excellent idea. Rates are low, and you can take advantage of this by refinancing now.
- Selling a Home. If you are selling your home, you have an excellent opportunity. Homes are in high demand, partly due to the low interest rates mentioned previously in this article. Make sure you price your home carefully and make a good deal during this tumultuous time in the housing market.
Technology Can Help
While things seem to be improving, the virus is still circulating and restrictions are still in place in many areas. Fortunately for us, we have incredible technology at our fingertips. Your mortgage professional can meet with you over the phone or over video conference. You can take virtual tours of homes and search nearby areas through GPS services. You can even compare home prices with the click of your mouse.
What a time to be alive!
Ready to Make a Move in this Uncertain Housing Market?
If the time has come for you to buy, sell, or refinance your home, don’t be scared by the uncertainty in the market. While it may take a bit of extra research and some “unconventional” methods of meeting with the interested parties, the housing market is returning to a more stable place slowly but surely.
But if you still feel like you could use some help for your specific needs, a mortgage professional is ready to help you today!