Posted 26 Jun, 2020

Buying a home during the coronavirus pandemic

The coronavirus pandemic has changed the world in many ways. In Ontario, summer festivals and events have been cancelled for the first time in years. Also, the process of buying a new home has become one filled with questions. 

Many people have put off purchasing a home because of the uncertainty of the market, but there are many reasons why now is a good time to look for a new place to live. Buying a home during the coronavirus pandemic isn’t impossible, and we’ve got some tips to show you why.

Sellers and home builders have made accommodations for homebuyers to make their househunting journey safe and easy. Everyone understands the concerns that exist during this time and that those notions need to be addressed to make the purchaser feel comfortable.

Global News reports that a challenge for resale home sellers is putting their house on the market right now while everyone is staying at home. Households with young children and parents who now work from home are also choosing not to sell at this time.

If there is less resale product entering the market, purchasing a new build instead might be the better option at this time. 

Why now is a great time to buy a new home

Zoocasa CEO, Lauren Haw says that one reason to purchase a new home is because of low interest rates. She’s revealed that this factor is making it easier for buyers entering the market. 

However, Moneysense.ca notes that if you are interested in a new home because of these historically low interest rates, you should carefully consider your purchase. The website suggests thoroughly examining your current financial situation first. Then, analyzing yours and your family’s needs. You want to be positive that your budget will support your decision to move. 

It’s important to keep your eye on the market and especially the community where you want to live. The real estate atmosphere changes quickly, and you’ll need all the information you can get to make a smart decision. 

How do I shop for a new home during the pandemic?

Shopping for a new home is an exhilarating experience. After all, for most people, it’s the most significant investment they’ll ever make. 

Before COVID-19 forced us into quarantine, browsing for a new home meant walking into a sales centre at any time. Today, health and safety play a much larger role in the process. Also, the act of walking into an office takes planning and consideration. 

For example, many presentation centres are now operating by appointment only. This requires you to call or email before making your way to the office to meet with a representative. 

When you arrive, you’ll likely be asked about your contact with COVID-19 and to sanitize your hands before entering the premises. You might also be required to wear a mask. In addition, the number of people that can join you at your appointment will be limited. Read about Shining Hill’s safety measures here.

If you decide not to visit the sales centre, you can shop for a new place to live from home. For instance, start by viewing the builder’s website to preview designs and learn more about the community. You’ll also be able to check out model home video tours to get an idea of what houses feature. 

Then, schedule a virtual appointment with a representative who can talk you through the process. You might be able to complete the transaction using digital signatures and email. 

What is an online appraisal?

If you’re selling your current home before purchasing a new one, you’ll need to know how much it’s worth. Once you have this information, your budget for a new place to live will become much clearer. 

During the pandemic, many residents are limiting the number of people that enter their homes. Therefore, an online appraisal is the next best option for learning your current home’s value. 

There are many resources available for online valuations. However, it’s essential to do your research and learn about any fees associated with reports or subscriptions before beginning.

We hope that you are staying safe and healthy during these uncertain times. Finding the perfect new home is possible once you’ve adapted to the present situation and become ready to invest. We’re here to help and make sure that you find a place to live that you love. Start by viewing Shining Hill’s models and then contact us for more information.