Tips for Buying a Home During a Pandemic

The pandemic has created uncertainty in every area of our lives, including when it comes to buying or selling a home. Initially, many nervous sellers chose to take their homes off the market, waiting to see what the effects of the pandemic would be. However, the property market has picked back up, and although the way in which sales and purchases have changed to accommodate things like social distancing, people are still making crucial life choices, such as buying a home.

It doesn’t matter if you are a first-time buyer or already firmly established on the property ladder, buying in the midst of a pandemic is a whole new experience. Here are our top tips to help you know what to expect when you choose to buy a home during a global pandemic.

Don’t Necessarily Expect to Snag a Deal

One of the biggest misconceptions people have about buying during the pandemic is that anyone selling will be desperate to do so and they will be able to snag a bargain. Despite the barriers to seeing a home in person, figures are showing an unprecedented rise in purchase prices and pending sales, meaning that the market is extremely active and plenty of serious buyers are putting offers in on homes. This means that not only should you not count on getting a deal, but you should be actively prepared to fight for the property that you want. Getting everything in place, such as your mortgage offer, will help to make you more attractive buyers to a seller who is inundated with offers.

Don’t Be too Distracted to Do Your Due Diligence

If your heart is set on winning a bidding war on a certain property, it can be tempting to cut corners to make your offer the most appealing to the sellers. Nevertheless, you should absolutely not skip any of the traditional contingencies that will give you added protection if things don’t go to plan. For example, you should retain the right to back out of the deal if the financing falls through, the inspection reveals major repairs, the appraisal comes back at a lower value than your offer or you’re unable to sell your current house before the closing date. While it may be worthwhile waiving a contingency or two, caution is needed. Speak to your realtor for specific advice.

Choose a Realtor Who is Responding Well and Adapting to The Crisis

Realtors have had to adapt the way in which they work to be able to operate during the pandemic. They should be following all of the government guidelines to keep themselves, sellers, and buyers safe at every stage of the process, such as working by appointment only, conducting virtual viewings, and more. Before choosing your realtor, ask them how they are operating at the present time and make sure you are happy with their processes.

Be Flexible

Once you’ve secured a sale or purchase, it’s important to accept that there may need to be a greater level of flexibility in your contracts. Some realtors are even including a specific clause in case anyone involved in the sale or purchase is affected by Covid-19 – for example, some movement on the closing date.

Take Advantage of California’s Remote Closing Practices

Lots of real estate law firms and title companies are offering remote closing options which are a safer and more convenient way to complete the transaction. These include drive-thru closings where all parties meet in their respective vehicles to conclude the sale. Speak to Collins Coastal San Diego to take advantage of California's remote closing practices.

For more tips on buying a home during the pandemic, contact John Collins with Collins Coastal San Diego in San Diego, CA at (858) 252-0200.