Tips for Buying a Home During the COVID-19 Summer in NYC
Buying a home in the Big Apple is a dream for many people. But as the COVID-19 pandemic rages on, you might be a little lost on where to begin. If you're currently part of the 13% to 20% of the population that moves each year and you're ready to settle in NYC, here are a few tips you'll need on your journey to purchasing your first home.
Work with a Local Real Estate Agent
Your real estate agent is going to be your best friend while you search for houses in NYC this summer. Not only are they up to date on the latest listings, but they can get a feel for your preferences and cater the homes they show you to them. In addition, an agent who lives near the area in which you'd like to buy a home will know all about the local scene and maybe even about some of the demographics and changes going on in that neighborhood. Another excellent reason to work with a local real estate agent is that they'll have a more comprehensive understanding of the market in the area of NYC you're shopping for a home in. Housing market behavior is an extremely localized metric, so the more information you can gather on the market in your chosen area, the better. And beyond that, almost 78% of recent buyers reported that their real estate agent was an incredibly useful source of information during their search for a home.
Get Preapproved for a Mortgage
While a mortgage is one of the basic staples of purchasing a home, it's a good idea to get preapproved if you plan on purchasing a home in NYC this summer. Unfortunately, a number of mortgage lenders have implemented stricter standards in the midst of the COVID-19 virus crisis. Some numbers to keep track of when you're trying to get preapproved for a mortgage include:
Your credit score
Your debt-to-income ratio
Your down payment amount
These three values all play a pivotal role in determining whether you'll get a favorable home loan or not. And since there are plenty of other people who are applying for mortgages under the same strict set of standards, taking the time to get preapproved can help you stand out from the crowd. In addition, making an effort to get preapproved for a home loan allows you the opportunity to compare lender rates and decide which program will work best for you. If you're trying to shop smart when you buy a home in NYC, preapproval for a home loan is a definite must.
Prepare to Be Flexible
When a pandemic is wreaking havoc across the nation, the ability to be flexible in terms of when and how you look at potential candidates for your future home is an absolute must. Depending on where you're looking for a home and how long it's been on the market, you may need to participate in virtual tours of currently occupied homes. In addition, this might mean you won't be present during the home inspection, which can be an issue for a lot of potential buyers. But considering that the average home still takes about 65 days to sell, it's likely that you'll at least be able to tour a few empty homes during your search for a place to settle down. But beyond that, it's possible that there will be additional clauses you must agree to in order to protect your transaction. Local nad state mandates may also mean that looking for a home to purchase will look a bit different than it did at the close of 2019. As long as you're willing to remain flexible during your search for the perfect home in NYC, you should be fine.
Looking for a home can be stressful enough as it is. With new regulations and practices as a result of the pandemic, there's even more information to learn. But with the resources listed here, you should have an easier time finding a home that suits you in NYC.