Due to the outbreak of COVID-19 in the U.S, many Americans are under the misconception that the real estate market is in poor standing. However, this is not the case as we have seen appreciation since last year. With interest rates currently low, there are many Americas who still want to buy homes this spring. Because there continues to be a demand for homes, real estate agents are needing to adjust their day-to-day operations to interact with prospective clients and market home listings.
Many real estate companies are turning their efforts to digital technologies to connect with buyers and sellers. There has been a significant increase in the number of virtual tours for prospective homebuyers as an alternative to in person home showings. Vitual tours are beneficial because they are time savers, they help buyers narrow their home search, and they support the concept of social distancing. We are also seeing more agents conduct virtual closings where e-notarizations can be used to also limit the amount of in-person contact throughout a real estate transaction.
If you are planning on buying a home in 2020, there are some steps you want to take to ensure you put yourself in the best position possible. One of the best steps a homebuyer can take is to get pre-approved. The main benefit of doing so is that it expedites the buying process because a preapproved homebuyer knows how much of a mortgage they can qualify for. Also, preapproved buyers are more favorable to sellers because they know they are serious buyers.
Another significant step in the home buying process is finding the right real estate agent to help you search the market for your next home. This individual should have your best interests at heart and want to match you with a home that meets your needs. If you intend to buy a home this year, do not be afraid to speak to a few agents before choosing the right person.
