The impact of the COVID-19 virus has not yet diminished. Its impact on the real estate market is quite visible. However, it is different in every real estate market. Here in the city of Maricopa, it has been overrun by the high nonlocal demand for affordable housing in the city of Maricopa. This influx of home buyers has actually caused a sharp increase in house values. When you have decided to buy a home, you already know that the process is nerve breaking as well as time-consuming.
In today’s COVID-19 be ready to mask up, use hand sanitizer, and touch fewer things. You can also lean on your local Maricopa Real Estate Agent on the James Sanson Team to do video tours for you if you are fully qualified and ready to buy. This great experience will reduce your need to see as many homes.
#1 You Must Formulate The List Of Houses That Will Narrow Down Your Choices:
You might be wondering how the home hunting would turn out to be during the pandemic. The very first challenge that you would have to face would come when you would like to have house tours. The James Sanson Team offers an amazing program that allows home sellers to buy and then sell their previous house vacation for easier showings. While other agents may not offer this, which means the houses could be occupied with showing restrictions.
Some sellers may not be flexible enough to allow a steady flow of property viewings, because of worries of covid. While other sellers have limited to worries about covid and make seeing their house easy. This is where looking in detail at all aspects of the houses you like, and getting a solid list and action plan to see them and make winnable offers.
With the help of this narrowed-down top list, you can consult your local Maricopa real estate agent on the James Sanson Team to design the best way to accomplish your goals. Your real estate agent would help you to see as many homes as possible that meet your criteria. So you can completely avoid paying visits to houses that do not meet your requirements.
#2 You Must Learn To Be Conservative While Taking On A Mortgage:
Right now, is a great time to buy a little less house than you desire to make sure that you can build a savings account to protect yourself from any unknown surprises in the future.
We have seen buyers taking advantage of 10 to 15-year mortgages lately, and getting a smaller home, which they can affordable comfortable with a shorten length, which saves them a lot of money in the long run and gives them comfortably through the entire mortgage term.
How to keep your mortgage affordable?
- The first and foremost thing that you must do is to strictly adhere to the spending limit.
- Don’t try to stretch your budget. If you stretch your budget, it will create problems in different financial aspects such as monthly family expenses and various other utility bill payments.
- While getting a mortgage from the lenders, you must choose the one that will provide you a mortgage at a lower rate. It would be easier for you to handle even during the crisis. The lower would be the mortgage, the easier it would be for you to make the payment.
- Six to twelve months prior to applying for a mortgage go to a company like experian.com and do the 3 in 1 program and see what you can do to get your score to great, so you can take advantage of the best mortgage options once you are ready.
#3 You Must Have Plenty Of Financial Resources To Make The Down Required By The Lender:
Most often people just deplete all the financial resources to buy their dream house. But during the COVID-19 pandemic, you must be careful when you make such decisions. During challenging times, making such a huge decision could be financially damaging if you spend all of your money and have no reserves left. To avoid any such situation, you must analyze the amount you need to pay while making the down for your mortgage. Apart from this, you must have enough money that will help you and your household to survive for at least 6 months or 1 year. Right now seeing how Covid can wreak havoc we recommend having one year’s worth of savings and important household supplies to last you six-plus months.
Besides this, if you are a first time home buyer, then you would have to make renovations and various other expensive maintenance. So be prepared financially for everything. We recommend considering getting a home warranty and reading up on how it works, so you are ready for any surprises that come up.
#4 You Must Hire A Reliable And Trustworthy Real Estate Agent:
During the COVID-19 pandemic situation, if you are having a reliable real estate agent by your side, then it would be helpful for you to make the right decisions. They will help you in understanding the market situation and assist you even when you are applying for a mortgage.
Besides this, if you have already found the right home for yourself and wish to close the deal as soon as possible, then a real estate agent will help you in working out your issues.
Not all real estate agents are the same, and yes they are important. A great real estate agent is seasoned and brings a high skillset and robust experience to the table, which can save you $1000s. The best with be super creative in problem-solving and have a wealth of resources to use to solve your housing situation.
They say that 7% of real estate agents do 93% of the real estate transactions leaving 93% of agents fighting over 7% of the business. Google James Sanson and decide if his team is the one for you.
Buying a home is a huge investment. Along with the price of the house, you will need to expect some surprises will come up, so have a rainy day fund that you are comfortable with. Then find the right Maricopa Real Estate Agent you are comfortable with.