The current global health crisis has impacted nearly every part of our daily lives. To slow the spread of COVID-19, state and local governments have implemented regulations and guidelines to protect the health of communities across the country.
Despite the uncertainty, our ability to work and attend school online has helped many people go about their lives as normally as possible. However, anyone who was planning to make significant life changes, such as buying a home, may find it difficult to continue these plans. If you are planning to buy a home over the next few months, First Fidelis LLC wants to make sure you are prepared to enter the home buying process during this unprecedented period we are all facing.
Buying a Home While Social Distancing
Typically, much of the home buying process involves face-to-face interaction. The majority of real estate business occurs in person, including open houses, walk-through tours, home lender meetings, home appraisals, and inspections. With social distancing practices being implemented to protect ourselves and others from the coronavirus, the home buyers have faced a much slower process.
Since state and local governments are responsible for enforcing stay-at-home orders and isolation guidelines, the home buying process will look different based on where you live. For example, some states have deemed real estate as an essential business, while other states require real estate agents to conduct business and tours virtually. Homebuying in some regions of the country, such as San Francisco, may need to be delayed or abandoned altogether. Luckily, for any individual who is buying a home in the Kansas City area, home buying has continued, as home mortgage lenders, moving companies, and appraisals are all considered essential businesses.
Although these businesses are still operating, the home buying process is a bit slower. The interest rates on mortgages are low, so lenders are seeing a spike in business. It may also take longer to receive employment verification or acquire records from the county.
Potential Benefits of Buying a Home During the COVID-19 Pandemic
Although the home buying process has slowed down or even froze for many buyers, there are several potential benefits of purchasing a home, despite the current situation. For example, there is less competition right now. With fewer people touring homes, running into a bidding war is less likely. You may also be able to negotiate terms that favor your situation, such as your preferred closing date or lower closing costs.
Everyone’s situation is a bit different, and if you find that the pandemic and economic downturn have not significantly impacted your finances, it may be an appropriate time for you to start the home buying process. However, it is vital to take necessary precautions when it comes time for tours, appraisals, inspections, and closing.
Securing a Home Loan During the COVID-19 Pandemic
There is an overwhelming amount of information about how the COVID-19 pandemic is affecting loans of all types. If you are who are planning to purchase a home in the next few weeks or months, there are certain things you should know about securing a home loan. Most importantly, however, mortgages are seeing low interest rates, making it an appealing time to secure a home loan.
As a mortgage lender, First Fidelis LLC can work with you to secure a mortgage with a low interest rate. We can offer opportunities that help potential borrowers find financing during these challenging times. If you were planning on purchasing a home this spring, our mortgage lenders can help you secure a home loan with a low interest rate. For more information, contact us at 913-205-9978.