The Reality of Real Estate: Buying a Home In an Uncertain Market – The TRUTH from Experienced Agents
First-time homebuyers often have many steps to take before owning a home. You’ll have conversations with family and friends who have been through the Reno real estate process and meet with Reno lenders and real estate agents that will help you find and pay for your home. If that wasn’t enough to have on your plate, experiencing a pandemic can add extra stress, but rest assured that your dream of owning your own home can still happen, but you may have to be flexible about how things work. Here are things that we’ve learned about buying in the current climate.
The market will rebound but it’s ultimately your situation that matters most.
The Reno market is strong and will always bounce back but ultimately, it’s your situation that matters the most when deciding to buy or sell. If you’re hesitant to jump into the market, we can assure you that real estate will always be essential. If this is a convenient time for you to buy a home, you’ve found some homes that you really like, you have job stability, and you can get financing at low rates, take advantage of this time and find your right home!
You may need more documentation for your lender.
There’s a lot of uncertainty about how the current times will affect the economy and the day-to-day lives of many people. Lenders may require more documents like verification from your employer that your job will be safe for the next year or proof that you have 12 months of mortgage payments in savings.
Everything is going virtual and being done over video.
Technology has evolved, and industries are evolving as well. Appraisals, document signings, and lawyer consultations are all being done virtually. Real estate professionals are also doing virtual walkthroughs of homes and video conferencing to talk about the buying process.
Schedule EVERYTHING far in advance.
If you were planning on donating your old couch to invest in a new sectional, you might have trouble finding places that will pick up your donations or even allow you to drop them off right now. Start planning for that now and try scheduling for drop off or pick up further in advance than you normally would.
Many service providers are very backed up, so you may experience lags in response times from painters, cleaners, and any other services you need to move into your new home and out of your old place. You’ll have to be flexible and communicate with many service providers about scheduling a date for them to work on your home. Fair warning: it may change, and it may be a later date than what you originally budgeted for.
Now, more than ever before, it’s important to have a trusted REALTOR® on your side to help you navigate the changing market, help you find trusted professionals to work with, and ensure that 2020 is your year to become a homeowner. Contact the David Morris Group at (775) 828-3292 to work with a team that knows the ins and outs of the Reno real estate market and has a trusted network of professionals to guide you through every step of the process.
