3 Ways Buying a Home During the Pandemic is Different

By Dawn M. Smith for MilitaryByOwner

Did you ever think you’d be trying to buy a house during a worldwide pandemic? As crazy as it seems, real estate transactions have barely slowed over the last 12 months. You’re not the only one who thinks it’s a great idea to buy a home right now. As spring approaches, military families are joining the masses to find their next hometown. 

While the traditional sequence of events for buying a house remains, there are many changes that have occurred. From donning a mask and shoe coverings, to entering an open house showing, to signing the dotted line online, you’ll encounter some annoying and beneficial adjustments. 

Here are three ways buying a home is different during a pandemic: 

1. You’ll use a lot more technology.

You’re probably already adept at searching online for homes to buy. You’re not alone. Many hours are lost down the make-a-wish rabbit holes of real estate listings. For some, scouring ads is a hobby! 

Your tech-savvy skills will come in handy during the home buying process, because you’ll need to use tools to bridge the gaps the coronavirus has created, especially when it comes to in-person meetings. Your ability or inability to meet with your selected real estate professionals will depend on your meeting preferences, their safety protocols, and local and state guidelines. 

These are problems you might encounter and solve via the internet:

• Viewing a virtual open house
• Live video connection with your agent during a walkthrough
• Recorded or live home inspections 
• Remote document signing 

The good news is, as military members, you’re probably already familiar with a few of these long-distance workarounds because you’ve had to buy or rent a home sight unseen with only pictures to view. 

Create a system for yourself to refer back to each time you inspect the property pictures online. You’ll want to have a prepared question list to send with your agent if they tour the home for you. They’ll specifically address any confusion or interest by literally showing you the inside of the pantry or the view from the upstairs bedroom. 

2. You’ll find low inventory and bidding wars. 

Although real estate transactions paused for a moment or two early on, buying and selling have resumed at breakneck speed, fueled by all-time low interest rates. Buyers are clamoring to take advantage of favorable interest rates and bringing their best offers to the bargaining table because the number of available homes (especially entry-level homes) has also hit a historical low. 

Bidding wars will include many creative ways to entice the seller, from waived home inspections to producing all-cash offers well over the asking price. As a military home buyer, you’ll need to be prepared to come in with your best, smartest offer early. An experienced real estate agent with a long list of happy military clients is the key to a successful purchase. Your best interest will be at the forefront of their mind, and they’ll guide you through a great deal as well as help you walk away from a bad one. 

Expect these stressful situations specifically around military bases near cities that are also attractive to civilian buyers. States like Florida, Texas, and the Carolinas have seen a massive influx of newcomers who prefer the warm weather and low cost of living. With the option for remote work, people are moving to places they’ve only considered after retirement.

3. Prepare for disruptive delays.

Aren’t you glad you already know how to hurry up and wait? There’s a good chance that, during your home buying journey, you’ll have to wait for many reasons. Although no one predicts another massive stop to the upcoming PCS season, there could be local stoppages and delays. Depending on the incoming installation’s policies regarding the number of virus cases, your move could be delayed, which causes a ripple effect between other bases and the availability of moving companies. 

You could also be delayed during the actual home buying process. At any given point, from the first open house to the closing day, the process might stop to accommodate illness or quarantine procedures. The local and state government virus regulations also play a part in the process. 

You’ll find plenty of like-minded company in others also looking to buy a home. Loan processors are overwhelmed, and appointments for real estate professionals such as home inspectors, appraisers, and attorneys are often challenging to schedule quickly. 

If you’re a seasoned home buyer, you can bet your purchase over the next several months will not be what you’re used to from previous experience. First time homebuyers will benefit from shortcuts that have evolved from the attempts to mitigate the virus spread. Either way, future home buying experiences will be forever changed.