Are you ready to take the plunge in 2021 and secure your dream home? If so, you need to be aware of some key changes in the market. Since the pandemic started last year, the housing market has shifted a lot. The process of buying a home has been greatly affected. While people’s response to the real estate market remains positive, there has been a number of changes in the core mechanics of buying or selling a house.
Here’s what you need to know when purchasing a home in 2021:
The seasonal pattern has changed
Traditionally, the home-buying season of the year starts in spring. However, COVID-19 has shifted the trends. Due to low mortgage rates and the ever-growing trend of work-from-home setups, home purchases remain strong from spring well into the fall. The pandemic has altered the way and where people worked. This change has greatly impacted the decision-making of many prospective home buyers. Check with your local real estate agent Myrtle Beach for more information when planning to either buy or sell a house.
An online search can yield positive results
While video conferencing and online tours of houses isn’t a particularly new concept, it sure skyrocketed when the pandemic hit. If you are planning on searching for a home, look for one online. Starting your search online will actually give you a lot of insight into a property without taking a step out your door. Real estate agents nowadays use 3D home tours to allow home buyers to get a sense of what’s being sold without physically visiting the location.
Ge a pre-approved mortgage
According to experts, there will be a strong sentiment towards home buying this year. With that said, a lot of people will be in the market ready to make a purchase. If you want to secure your dream home, you might want to start by getting a pre-approved mortgage. This way, you can bid effectively and win at the same time.
Manage your finances wisely
Although the housing market continues to buck the trend, this does not generally imply that people have the extra cash to spend. Some home buyers are willing to make compromises when making a purchase. Manage your finances wisely and always make sure that you consult with an expert like Full Potential Real Estate to get the best deal for you.
Embrace the new process of underwriting
Since the pandemic has limited face-to-face contact between individuals, more mortgage providers are shifting to online loan approvals. The process is starting to become more streamlined. However, for those unfamiliar with the whole online process, there remains a slight learning curve. While it may not be purely electronic and digital, the core principle of the underwriting process remains the same. Of course, it is still a wise decision to seek professional advice before making a major financial transaction.
Are you ready to buy or sell a home this 2021? Seek the advice of a reliable expert! Call Full Potential Real Estate today! You may reach us at (843) 492-4537.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577