Governor Stitt recently announced plans to implement Phase II of the reopening process for Oklahoma businesses. We might begin to see buyers out there looking for homes. If you plan on being one of them, you may have questions about buying a home during a pandemic. Read on to find the answers to some of the most common questions.
Common Questions About Buying a Home During a Pandemic
Are People Buying Homes Right Now?
Yes, even during a pandemic, people still need to sell their Tulsa homes and others need to buy them. Real estate transactions continued through the entire sheltering at home order. That’s because real estate was considered an “essential business”. Now that the state has begun reopening, more and more buyers may feel emboldened to search the market again.
How Can I Safely View a Property for Sale?
Even as we begin a new phase in the reopening of the Tulsa economy, the governor still asks that we practice good social distancing techniques to decrease the chances of COVID-19 exposure. Therefore, we might see more open houses. But don’t be surprised if restrictions come into play. What kind? Like limiting a tour to just one person or family. Booties, gloves, and hand sanitizer might be distributed at the site as well.
Ask your agent if they will provide you with a virtual tour via Facetime. Only your agent conducts an in-person tour of the property. Meanwhile, you participate in the live tour via Facetime. This allows you to ask questions and investigate any areas more closely than an online photographic tour allows.
Money-Wise, Should I Buy a Home Right Now?
If you’ve been furloughed or collected unemployment for the last several weeks, you might want to hold off on buying a home for a little bit. However, if you collected a nice chunk of change in savings over the years and that nest egg has stayed intact for the most part during this time, you could still qualify for a Tulsa home. And you might want to take the plunge because borrowing money for a mortgage loan has never been cheaper. Interest rates remain historically low. Competition right now among buyers is low as well since some have decided to put their house hunt on pause. If your job is secure and your income stream is stable, now is a very good time to buy a Tulsa home.
Has COVID-19 Had Any Effect On Home Prices?
Like buyers, some sellers became hesitant about trying to sell their home during a pandemic. So, they pulled their listings. This meant less inventory available. In turn, prices haven’t fallen by much if at all. So, if you thought that you could go in and lowball a property, you might want to rethink that strategy. Always talk to your Tulsa real estate agent before deciding what to officially offer a seller. You don’t want to insult a seller with too low of an offer.
How Have COVID-19 Restrictions Affected Closing Times?
Closing times now take a little bit longer. Yes, title companies, lenders, and other parts of the real estate industry remain open. However, social distancing restrictions make things like home inspections and appraisals take a little longer. Closings that might have taken 30 days in January now take around 60 days to complete. Just be patient. It will happen. It’s just going to take a little longer.
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