If you are like me, you are not thrilled at the idea of being stuck inside for the next 20 days...gross. Every fiber in my body can't wait to jump back into this spring market, and with this delay it's going to get crazy. In this article I am going to break down what I am already seeing in the industry, and tasks you can start while in limbo.
Interest rates are still exceptionally low, we've been tracking low 3% consistently, and that is insane. Money is cheap right now, so please capitalize because they can't get much lower. However, please still talk to your lender about financing ASAP. Loans may be cheap, but many banks are putting restrictions on bond loans including FHA and RD to make it more difficult to achieve assistant loans. Do your research, and get that pre-approval now otherwise you may be lost when showings open back up.
Talk to your Realtor
Honestly, we are bored. All jokes aside, please call or text us! I know from mine, and my colleagues experiences that we have many listings ready to hit the market the second these restrictions break. For one, you are going to want an email list of all fresh properties hitting the market. Plus, you could get VIP access to off market pocket listings! That one text could get you the house of your dreams at a discount headache.
Ask for a Virtual Showing
We may not be able to walk you through the house, but we can request a virtual showing from the seller. I for one don't want to buy a house without seeing it, but with our timelines you can still write an offer contingent on a walk through before closing. This is an excellent option to weed out your competition. The seller still wants to sell, so why not take the opportunity to strengthen your offer?
I by no means have a crystal ball, but the fact we are still in a housing shortage due to high demand makes me think this won't set us back. I actually believe it will level the playing field a bit and make buying a house more achievable for many.
Hope you are all staying safe, and healthy. Please reach out with any questions, I'd love to help!