3 Factors to Consider Before Buying a Home During Coronavirus

Whether you are looking for a foreclosed home or wanting to downsize, buying a home during the current health crisis is proving to be a little more complex. Here are three factors to consider before making a purchase at this time and how our Calgary realtors can help you find your dream home, even during the pandemic.

This spring home buying season is anything but normal. What traditionally has been known as one of the busiest seasons for buying and selling homes has been upended by COVID-19. But that doesn’t mean you can’t find a home during the pandemic, only that the process might look a little different. 

As a potential homebuyer, you can expect the following changes: 

  • Less competition 
  • Digital house tours and digital closings 
  • Fewer options 
  • Need for a higher credit score and down payment 
  • Your employment might be verified several times 

Our Top Calgary Realtors Can Help You Find Your Home During This Pandemic 

At Mel Star, we understand that these are difficult and trying times, especially if you are trying to buy a home, be it a foreclosure in Calgary, or a smaller space for downsizing. Luckily, our top real estate agents have the expertise and experience to guide you through this process and help you find your dream home at a great price. 

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Should I Buy a House During Coronavirus? 3 Things to Consider 

The coronavirus pandemic has changed the way we work, learn, and socialize, and it’s also raised many questions about how to move forward with our lives. If you were shopping for — or considering shopping for — a home before the pandemic hit, you may now be asking yourself if it’s the right time to go ahead. 

There is no one answer that works for everyone, so here are three main factors to consider before determining if this is the best time for you to buy a home: 

1. How Are Your Finances? 

We are in tough times economically. If your employment has been affected by the pandemic, then now is probably not the best time for you to buy a home. Even if you have escaped the economic fallout thus far, you should take a hard and honest look at your financial situation before deciding the way forward. 

Ask yourself the following questions: 

  • How stable is your current company?
  • How stable is your industry overall?
  • Has your income been impacted, or do you expect it to be impacted down the line?
  • What does your liquid savings look like?
  • Do you have savings set aside for the down payment and closing costs?
  • Do you have an emergency fund that can keep you afloat in case of lost income?

If, after answering these questions, you feel confident in your ability to buy a home, then you should go ahead and discuss the next step with your realtor. 

2. What Does Your Lifestyle Look Like? 

COVID-19 can be dangerous to those who contract it, so if you are immunocompromised, or someone in your household is, now might not be the best time to buy. Though real estate agents are taking every precaution to keep their clients safe, you might find it best to stay in your safe environment until progress has been made to treat or prevent the virus. 

On the other hand, if you or someone in your family is immunocompromised and you’re renting an apartment where you have little control over your environment and safety, then you might want to move forward with your plans to buy. 

Other reasons why you can’t wait for the virus to pass before buying: 

  • You might have to relocate for a new job
  • You’ve outgrown your current home
  • You got married or divorced
  • Your family is growing

Remember, just because there is a virus, it doesn’t negate the need to buy and sell. If certain situations in your life require you to take this step, and it is feasible for you to do so, then a realtor can help make the process much easier. 

3. How is the Local Market? 

Every market is different, and some markets might be affected by the coronavirus more heavily than others. Some buyers might find great deals in the market right now, while others will find the best deals in a few months or a year down the road. 

A realtor will be in the best position to advise you on what is the right option for you, and they can help ensure you’ll find your dream home at the best price. 

Our Calgary Realtors Are Here for You Every Step of The Way 

At Mel Star, our team of Calgary realtors understand the ins and outs of this industry, and the current changes that have occurred. If you want to buy a home, be it a foreclosure or a smaller space for downsizing, we can help you navigate the situation smoothly and successfully. 

To find out more, contact us at (403) 284-6333 or fill in our contact form


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