There’s no hiding from the fact that the mitigation efforts to stop the spread of COVID-19 has impacted the homebuying process. Although your city may be dealing with restrictions on the real estate industry, that doesn’t mean you have to put your dreams of owning a home on hold.
Here in Toronto where condo and home sales have slowed dramatically during the coronavirus pandemic, now may be the right time to jump in on the homebuying game. While the onset of the virus has resulted in sales declining from their March peak, there are still enough active buyers looking to buy property to keep the market stable.
Instead of holding tight, there are some steps you can take to prepare for when you are ready to buy a home once restrictions have been lifted.
Assemble a real estate team
From brokers to lenders to real estate agents, you’ll need a team of industry experts who know the ins and outs of the homebuying process and who can help guide you through the process. Fortunately, you can find these professionals in the same way as you would have pre-coronavirus. You can start by asking for referrals or do a thorough search via the internet. Then, you can meet with your team virtually or over the phone to get the ball rolling.
Make a list of what you’re looking for
When you have your team in place, those professionals will likely want to know what you want in a home. It’ll make doing their job a little bit easier. One way you can start to narrow down your preferences is by making a wish list. You can divide the list into two sections: a “needs” and a “wants” list. Include everything you must have in your “needs” list like the number of bedrooms and bathrooms, and all the features you would like to have but could also forgo in your “wants” list.
Research financing options
First-timer buyers and those with strict budgets may benefit from buyer assistance programs when the time comes to purchase a home. Even if you already own a home and have the liquidity for a down payment, you’ll want to contact a loan officer or bank to help you understand your financing options. While you can certainly start the process by researching these programs on your own, it may be helpful to ask your lender for guidance.
Check your province’s guidelines
It is probably a good idea to research your province’s guidelines regarding real estate during the pandemic. In some areas, real estate may be deemed an essential service while in other areas it has been put on hold. These guidelines could determine if you are able to go on showings in person, or if you’ll have to find alternative means to see a property, like via a virtual listing.
The good news is that even in uncertain circumstances, the consumer’s approach to buying and selling real estate has adapted with the emergence of technology. Today, buyers can log on to the computer to find remote property sales, and everything you need is just a smartphone tap away.
Instead of holding tight, there are some steps you can take to prepare for when you are ready to buy a home once restrictions have been lifted.
