With all time low interest rates, some buyers are moving ahead with a home purchase during the pandemic. Here are a few things to keep in mind during this unusual period:
1. Stay Informed - keep in close contact with your realtor. Industry reaction to the pandemic is changing by the day and your realtor can keep you updated. In some cases, home owners may not feel comfortable scheduling a showing. In others, they may allow it but ask you take precautions. Here is a link to my blog discussing all the virtual options you have as a buyer: https://editor.wix.com/html/editor/web/renderer/edit/8b5dc7dc-17e6-49c7-9f6d-34536faad4aa?metaSiteId=54907939-5ce9-4e23-ae70-55b3a0af82d5&editorSessionId=2c694ffd-bce3-4dc1-8151-fa72378fc68d&referralInfo=my-account
2. Get Prequalified - most home owners want to know that buyers entering their home are serious about the buying process. The best way for an agent to be able to demonstrate this is to produce your prequalification letter. Prequalification generally takes no more than 48 hours and can all be done virtually.
3. Do Your Homework - Before requesting a home showing, ask you realtor if a 3d tour is available. If so, you may be able to determine if the house is a serious contender before entering. Also, if you are unsure of a neighborhood or street, check them out beforehand.
4. Understand Market Conditions - Charleston's April market showed a 30% decrease in listings. With inventory low, most home sellers are going to be looking for strong offers. To be competitive, put your best foot forward in terms of pricing (low ball offers are not likely to be successful), offer cash if possible, be ready to close in 30 days or less, and considering writing a personal letter.
Happy home buying!
Katie McCabe, your Lowcountry Local Realtor