Should I buy a house during COVID-19?
Just last week, Yahoo Money reported that the term “Should I buy a house?” is being Googled now more than ever before. Whether the bulk of these search inquiries are would-be homebuyers interested in entering the market or soon-to-be homeowners already under contract, remains unclear at this point.
But, with interest rates continuing to fall and the number of mortgage applications on the rise, buyers are actively weighing the benefits of purchasing at historic low rates against the uncertainty of COVID-19’s long-term impact on the local, national and global economies.
Only you can determine if you should make a home purchase during this time, but The Redbud Group is here to let you know that we’ve taken the necessary steps to make sure that if you do make the determination to move forward, we can support and guide you in that process.
How has COVID-19 Affected Homebuyers’ Ability to Obtain a Home Loan in Charlotte?
The Redbud Group recently spoke with Adam Workman at Crosscountry Mortgage to discuss COVID-19’s impact on the mortgage industry, and how current homeowners and future homeowners may be affected during this time. Here’s what we gathered:
“We are operating at full capacity and closing loans in under 21 days for all loan products and programs, despite the Coronavirus. While COVID-19 is disrupting nearly every industry in America, the Mortgage Finance Industry is operating somewhat unscathed, “depending”...remarked Workman.
“Depending” is the key word in this statement, as Lenders that service loans and sell Direct to the government are able to function with pricing advantages and new process advantages set forth by FNMA and Freddie-Mac,” Workman continued.
It’s important to note, when considering a Refinance or Purchase, your first questions should be, 1. Does this lender sell loans directly to FNMA, Freddie-Mac, or GNMA? and 2. Does this lender service those loans? If not, find a lender that does.
“We are adjusting appraisal requirements and closing processes to allow home-buyers to complete 100% of the mortgage transaction with zero human contact. If there is a silver-lining of the Epidemic, the Mortgage Industry’s rapid evolution and development of a 100% virtual process (application through funding) will benefit every current home-owner and future home-owner,” he later stated.
COVID-19’s Impact on the Housing Market
It’s important to remember that even in the most challenging, uncertain times, people are still in transition and on the move, especially in the immediate Charlotte-area community.
In the slowest year following the 2008 housing market crash, still, more than 4 million existing homes took new ownership. We successfully weathered the collapse of the real estate market in 2008, and we believe that we can withstand the rippling effects of the COVID-19 disruption, despite its ongoing and ambiguous nature.
“People remain very interested in pursuing real estate transactions during this short-term disruption. While everyone’s circumstances are different, we are still fielding a very high number of online inquiries for people interested in both buying and selling in the near-term,” said Redbud Group CEO, Trent Corbin.
He continued, “Predicting exactly where the market will go in the coming months would be irresponsible, but for people who intend to live in their homes for years to come, there is great opportunity for buyers in the market right now. And for those looking to sell, beginning that process now will help ensure you’re positioned to capitalize on the current price environment and still fully realize your equity gains from the last several years.”
Our Commitment to Creating Great Experiences
The Redbud Group is equipped to see our active transactions through to closing, as well as take on new representation for clients who either want or need to purchase and/or sell during this time. If a new job, an upcoming move or a growing family just cannot wait, we’re here to support you and to help allay your fears as you make this transition.
Although the world is experiencing a shift in business, we are still committed to helping you with your real estate needs and creating great experiences along the way, through the use of smart tools and all available resources.
The Redbud Group has harnessed modern technology to stay the course in uncharted territory. All of us are working remotely, “virtually” meeting with clients and showing properties through FaceTime, Google Duo, and Zoom. We’re submitting clients’ offers and negotiating contracts with the help of cloud-based software and DotLoop.
We’re working diligently with our partners to guarantee that our REALTORS® and their clients are able to conduct the necessary due diligence on various properties while simultaneously exercising proper safety precautions. We’re handling closings remotely to ensure that deeds are being recorded as quickly as possible and keys are exchanging hands, on time.
We’ve Made Changes with You in Mind:
Buyer & Seller Consultations: We understand that the home buying and selling process requires step-by-step guidance and round-the-clock care. During this time, we are happy to offer full consultations through the use of Facetime and Google Duo for those who wish to practice social distancing. If you’d like to set an appointment, we’re here to help. We can be reached at (704) 628-4066. Additionally, we are happy to send our comprehensive buyer and seller guides in PDF format, through email, for your convenience. If you’d like a copy, please let us know.
Private Showings: In an effort to slow the spread of the virus and to make sure our clients and our agents are as safe as possible, we want to highlight our ability to schedule virtual walk through tours. We have a unique opportunity to leverage both Facetime and Google Duo and, through the use of cloud-based software, we are able to submit, receive, and negotiate all offers on active properties.
If You Are Currently Under Contract: You may have concerns regarding settlement. We understand and we hope that you feel confident in knowing that we are actively monitoring and evaluating each of our clients’ transactions. Routinely, we are conferring with our partners, our local and national governing bodies, as well as our internal leadership in determining next steps. We will always uphold the fiduciary responsibilities to each client and act in your best interest. Please do not hesitate to connect with your individual agent regarding these concerns.
We truly care
While the Lending and Real Estate Industries are both considered Essential Functions, your health and that of your family are the top priority.
All of us here at The Redbud Group deeply care about you and your well-being. We are all neighbors, and we want to comfort you by affirming that we are in this together. We encourage you to use this down time to reflect, reconnect, and refocus on the people and things that truly matter.
Please remember that we are here to serve you. If there is anything that you need, please get in touch. Take care everyone, and be well.