Buying a home can be a bit stressful. Imagine making what could be the most important financial decision in your life. And with the complications brought by the pandemic, and the whole journey can border on the impossible.
But landing your dream house even in these stressful and uncertain times is not only doable, it may even be an advantageous time for those who want to own a home or invest in one.
Here are some things you need to keep in mind as you look for homes for sale in New Orleans, Metairie LA, or in any other area you desire.
Decide whether this is the right time to buy
If you’re unsure about the stability of your job or your prospects of being hired in the near future, you might reconsider buying a house for now. Waiting until you are in a stronger position financially will prove to be a prudent move for your own peace of mind as well as improving your choices of mortgage products that could be available to you. Remember, buying a house comes with a lot of additional expenses beyond the figure on the price tag. There are the lender fees, private mortgage insurance (if you pay less than 20% of the home’s value in down payment), and taxes, not to mention the higher bills that always come with a new home.
On the other hand, if you are someone with job security, things look good for your homeownership goals. Mortgage rates are at all-time lows so it is a good time to lock in a deal and go for it.
Check on the latest mortgage qualifications in your area
In the early days of the pandemic, mortgage guidelines changed so frequently that real estate agents and lenders had to clarify the guidelines practically every day. But while those days are behind us, qualifying for a mortgage can still prove tricky depending on your credit score. So it would be best to consult with a Realtor in your area.
Prepare for a lot of virtual calls
If you work from home and regularly keep in touch with colleagues, you’re going to need the skills you learned handling virtual video calls for your home-buying journey. From searching for property, to consulting with your agent, to inspecting the homes, to notarizing documents, up to finalizing the sale – all of these steps will include some if not a lot of video conferencing and video-viewing.
Social distancing has particularly transformed home inspections. Before COVID, the buyer and the agent are usually allowed to be present during home inspections. Now, home inspectors do this on their own and then send videos and photos along with a full report afterward. There’s usually an option of a live feed from the inspector and it’s advisable that you don’t skip it so that you can make your own observations and take notes and compare them with the inspector’s report.
The process of buying a home will vary widely depending on the area you are considering. While COVID introduced new complexities to the home-buying journey, it also provided some opportunities. Let us help you seize those opportunities and land you your dream home in New Orleans. Contact Axis Realty Group today at 504.336.3000 or nicole(dotted)axisrealty(at)gmail(dotted)com.