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5 Tips for Buying a Home Post-COVID

 

If You’re Ready to Buy a New Home, Here are Five Things to Take Into Consideration Before You Make an Offer Post-COVID

Were you planning to buy a home before the COVID crisis hit and decided to put off your decision until the pandemic passed? We’re nearly a year into the COVID-19 pandemic and, though there is an end in sight, no one knows when it will truly be over and when—or if—life will return to normal. Though life as we know it may be forever changed, if buying a home is still on your agenda, now is the perfect time to do so. Though we aren’t technically post-COVID yet, there are some lessons we can learn from the pandemic that can help you be an informed and educated buyer. Here are five tips that can help you get the home of your dreams as the pandemic eases.

Take Advantage of Low Interest Rates

Mortgage interest rates are at historic low rates. A 30-year fixed-rate mortgage is at 2.926%, while a 15-year fixed is at 2.557%. If you’re looking at Del Mar new homes, you can get much more home for your money with these low rates. No one knows how long rates will stay this low, so it makes sense to secure a loan now if you can qualify. If the rates jump by just one percent, your mortgage will increase by over $300 a month on a $500,000 home.

Your Del Mar County real estate agent will encourage you to get prequalified as soon as possible before they help you search for homes on the market. Once a mortgage lender pre-qualifies you, you will have more buying power and can make immediate offers on homes that interest you. You’ll also know more about how much you can qualify for. This prevents you from looking at homes out of your price range and being frustrated when you find you can’t afford them.



Understand How to Buy in a Seller’s Market

Currently, the San Diego area—which includes the City of Del Mar—is experiencing a seller’s market. This means that there are more buyers in the market for Del Mar new homes than there are properties for sale. While the situation is more favorable for those listing homes than those buying, it doesn’t mean you should scrap your plans. You simply need to adjust how you approach the homebuying process. Here are some tips that can help you find and buy the home of your dreams in a seller’s market:

Be prepared to make an offer. Many homes in a seller’s market sell within days of being listed. If you don’t want to lose out on the home you want, be prepared to make an offer the same day you tour it. This means being prequalified for a mortgage and having all your documents in order before you begin touring homes.

Don’t expect to negotiate. Sellers are much less likely to negotiate in a seller’s market. If you make a lowball offer with the expectation they will counter, you could lose out on the home. Your Del Mar County real estate agent may advise you to offer the asking price if you really want the home.

Understand there may be a bidding war  if there are several interested buyers in a property. You need to be prepared for this situation by knowing the highest price you’ll pay for a property. If you don’t know your maximum budget, you could easily get yourself into trouble by overbidding and committing to a home you can’t afford.

Use Technology

The pandemic has changed the real estate industry. And while some of the changes are not favorable, some have actually helped both buyers and sellers. One of these benefits has been improved technology, such as virtual home tours, online open houses, and the ability to Zoom with sellers, agents, and mortgage professionals instead of meeting in-person. When you use technology correctly, you can save time and money. Instead of taking hours to drive around and view a few Del Mar new homes in person, you can sit in the comfort of your home and look at dozens of properties a day. This helps you narrow down your list, so you only have to physically tour the properties you already know you’re interested in.

Take Lifestyle Changes into Consideration

How has your life changed since the pandemic? Is it likely to stay this way once the crisis passes, or are these changes more permanent? Asking yourself these questions will help you choose the right home for your future. For example, if you plan to continue working from home, you will need to work with your Del Mar County real estate agent to find homes with dedicated workspaces. If you’ve rediscovered your love for gourmet cooking since you’ve been forced to eat more at home, put a chef’s kitchen on your list of wants. When you understand how the pandemic has impacted your life and how that will affect your future, you can narrow down the list of Del Mar new homes to those conducive to your new lifestyle.



Work with a Good Agent

There is no better advice for prospective home buyers than to work with a knowledgeable and experienced Del Mar County real estate agent when they are ready to buy a home post-COVID. The right agent can help you navigate the new technology and landscape of the post-COVID market, help you find the right mortgage lender, and assist you in identifying the home that fits your lifestyle. Don’t put off buying a new home any longer. Now is the time to take advantage of historically low rates and find the home of your dreams.  



Work With Zach

Zach has extensive experience working in various luxury markets, and he has refined his tools to help his clients achieve their dreams. He’s a good problem-solver and has the ability to keep people grounded – even in the most stressful of situations.
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