Page 15 - NewfoundLakeLife December 2020

December 2020 Newfound Lake Life Page 15

Real Estate

Home Buying During COVID-19

By Brittany amalfi willing to enter the hectic fray
Homeowners know that the and shop for a home during
process of buying a home can be the COVID-19 outbreak may
both exciting and nervewrack- benefit from knowing what to
ing. However, with the outbreak expect as they search for their
of the novel coronavirus, home next home.
buying anxiety has reached new Get ready for virtual tours.
heights. “We had to get creative about
When the pandemic started, how we would show properties
real estate took a huge hit. Allan differently,” says Allan DeSte-
Destefano from Granite State fano. Buyers might once have
Reality said, “When all of this scoffed at the notion of buying a
started, no one knew how to home they’d only seen in videos,
handle it. Our company alone but virtual tours have become
lost over eight million in transac- the new normal in the wake of
tions from our investors pulling the pandemic. Destefano tells
the plug on deals.” People most me he’s seen clients put an offer
likely thought that this would be on a property after just one vir-
over in a matter of weeks, but as tual walkthrough. As the market
time went on and the situation continues to speed up, people
worsened, they realized they realize that they need to put in they need in a home and focus market slowing down as long COVID-19 outbreak presents
couldn’t put a hold on buying an offer right away if they want on finding properties that can as the interest rates remain low, some unique challenges to pro-
property forever. a chance to buy a home. An fulfill those needs. “A big chal- which gives buyers more oppor- spective buyers. In order to suc-
Historically low interest rates April survey from the National lenge we face is that we don’t tunities to buy a home.” ceed in buying a home, buyers
and limited inventory has made Association of Realtors® found have enough properties to sell. Make the best down pay- need to come prepared. In these
2020 an incredibly unique time that home tours had declined People want to sell their homes, ment you can afford. A high unpredictable times, it is benefi-
to buy a home. Not only that, sharply. While 98 percent of re- but they have nowhere to go,” down payment makes buyers cial to make a plan and stick to
but It’s also a competitive and altors reported taking clients on Destefano states. look better no matter the state it. Understand your options and
potentially expensive time to buy home tours as recently as Feb- Expect to move quickly. Real- of the economy. An offer with work with a trusted professional
a home. While the economic ruary, that number had dropped tors have seen homes sell within a high down payment looks like who will help you get that prop-
consequences of COVID-19 to 63 percent by April. As many days of being listed, which has a stronger offer, and that can erty you’ve been vying for. We’re
have been severe, the Federal regions pause their reopening put pressure on buyers to move make the difference between living in dark and unforeseeable
National Mortgage Association, plans, prospective home buyers quickly. It also highlights the winning and losing a potential times; let’s do our best to main-
also known as Fannie Mae, fore- should ready themselves for vir- importance of finding a home bidding war. tain a safe and smooth home
casted a significant increase in tual tours instead of in-person inspector before your search Buying a home during the buying process.
median home prices in March home tours. begins as well as a lender who
2020. City dwellers have scram- Expect limited inventory. can handle quick closings. Ask
bled to buy homes outside of While home prices are up, many around for recommendations,
cities, where social distancing is people are holding onto their but make sure you have these
more complicated, and the risk homes. The NAR reports that two critical professionals lined
of getting COVID-19 appears the total housing inventory at up before starting your search. Since 1979...
greater than it is in suburban the end of May 2020 was down Doing so will give you a better 507 Lake Street
or rural settings. The competi- nearly 19 percent from the end chance of buying during an un- Bristol, NH 03222
tion among prospective buyers of May 2019. Buyers will have usual time. A silver lining with 603-744-8526
is booming due to all this chaos. less inventory to choose from, all of this is that the market isn’t www.OldMill Props.com
Prospective home buyers so those who intend on buying likely to slow down. Destefano Lorna Platts, Owner/Broker “Rt. 3A, across from the bike path bridge”.
may need to prioritize what tells me that he “doesn’t see the

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