Buying a Lehigh Valley Home During Coronavirus
During a time when our world seems upside down, there are a few activities that follow the timeless principle of “The more things change, the more they stay the same.” This is especially true for buying a Lehigh Valley home during Coronavirus.
Despite the gloom and doom presented nightly on the major news channels, there is a bright light shining on the housing industry not only in Pennsylvania, but also throughout the United States. There might not ever be a better time to buy a home.
You just have to know how to do it.
Virtual Tours Still Delivers Value
Now more than ever, virtual home tours provide prospective homebuyers with a convenient way to research properties. Savvy realtors use the latest imaging technology to relay real time videos that are shot inside of homes on the open market. You can attend a live virtual tour conducted at a scheduled time or you have the option to download a realtor’s presentation of a virtual home tour at your convenience. Although you do not want to solely base a home buying decision on a virtual tour, it represents a great place to start for performing research.
The Effect of a Buyer’s Market on Mortgages
Like every other commodity, home values depend largely on the law of supply and demand. As we plow through 2020 and the era of the Coronavirus, the supply and demand equation is in the favor of homebuyers.
Banks have experienced a sharp decline in loan applications, from short term personal loans to high risk equity loans to help jump start businesses. Mortgages remain mired in a slump that might last for months, if not a few years. The Coronavirus era represents the best financing opportunity homebuyers can expect to have for decades to come. Interest rates remain incredibly low, and the money asked for down payments has dropped significantly. Housing prices also are depressed, which makes the current housing market ideal for homebuyers in Lehigh Valley, PA.
Talk about Amenities
Taking advantage of the law of supply and demand in the housing market involves doing much more than negotiating a favorable price. You also possess plenty of leverage to request more home amenities. For example, you could ask a seller to upgrade the kitchen counter from one constructed with tiles to one customized using sleek marble.
Here are some other upgrades and amenities you should consider:
· Roof enhancement
· Construction of an outdoor living space
· Addition of lawn art, such as a decorative fountain in the front yard
· Insulation placed in the attic
· Paint job in the living room
Stay Patient
The COVID-109 pandemic does not mean you should change the way you buy a home. You have to remain patient by establishing reasonable deadlines, as well as deciding on the factors that will motivate you to put a down payment on a home. During unsettled times, it is easy to make rash decisions. When it comes to home buying, steady as it goes remains the soundest philosophy.
Curb Appeal Remains in Play
One of the first steps in the home buying process involves driving by different properties to check out curb appeal. Do the restrictions implemented because of the Coronavirus pandemic prevent homebuyers from checking out the value generated by a home’s curb appeal? The answer is no, especially if you stay in your car, as your slowly drive buy a home. Before you take a virtual tour of a property, drive by it to determine its curb appeal.
The “new normal” that applies to Coronavirus is mostly about following CDC guidelines. For buying a Lehigh Valley, Pennsylvania home during Coronavirus, the buying guidelines you should follow are much of the same buying guidelines you followed before the Coronavirus.
Have a question about real estate in the Lehigh Valley? Contact us today!
