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Buying a home in a post-pandemic world

How first-time buyers can navigate the current housing market

There’s no doubt about it; the last several months have come with some serious twists and turns. With all that’s going on right now, prospective buyers may be wondering if their dreams of homeownership may have to wait, or if the road to home buying is still in sight.

Despite widespread economic uncertainty, the American housing market is booming. After spending months indoors and adapting to new routines, the concept of home has quickly expanded and taken on new importance. And with historically low interest rates across the country, eager buyers are flooding the market, hoping to save a bunch on mortgage payments.

A lack of inventory makes for big competition. So how do first-time homebuyers begin to navigate this unfamiliar territory and figure out what makes financial sense for them?

A REALTOR® has the expertise to be a valuable asset to first-time homebuyers.

These agents are members of the National Association of REALTORS®, which is the largest professional trade organization in the US.

Their 1.4 million members are real estate experts in their communities, and they abide by a strict Code of Ethics to better serve their clients.

By working with a REALTOR®, buyers gain an ally who has expertise in today’s market, and can help with navigating things like inventory challenges, home loan nuances, modified inspection processes, and bidding wars. As interest rates remain low, and the demand for homes continues to surge, prices go up and the value of each home increases. That all makes for a pretty promising long term investment, and one way for young families to start building wealth. So for those in a position to commit, now might be as good a time as any.

House hunting looks a little different these days, with virtual open houses and video walk-throughs on the rise.

Technology is streamlining the homebuying process, so it’s more important than ever to work with someone who can provide expert guidance and speak from real-world experience.

Thanks to the aggregated data and proprietary reports from the National Association of REALTORS®, a REALTOR® has access to a wealth of unique information about local housing markets across the US. This means they are familiar with changing market conditions and can introduce buyers to neighborhoods they may have otherwise overlooked (or listings where they can get more bang for their buck.)

Are your sights set on the suburbs? 57% of new buyers are too, compared to 50% of pre-pandemic buyers. Will grandma & grandpa be moving in? 15% of buyers now want a multi-generational home, compared to 11% of people who purchased before April. Will your new home also function as your workplace? 18% of people in the workforce say yes, compared to 6% of workers in 2019.

By partnering with a REALTOR®, buyers gain a trusted ally who’s an expert at evaluating comparable home prices in the area, negotiating a bid, scheduling and assessing home inspections, and closing on a deal.

The pandemic has created a great deal of uncertainty in our lives. When it comes to buying a home, you should feel completely secure in your decision and start your next chapter with confidence – wherever that may be.

Want to find a REALTOR®, a member of the National Association of REALTORS®? Click here.

Click below to read more on the Future of Homebuying

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