The past lockdowns and quarantine periods may have made you realize many things. And one of them may be that you need a bigger space for your home, you need a deck where you can chill and relax, or you need a yard where you can safely get some sun. If you want a house with a yard, then a home in the suburbs may be ideal for you.

If you have some set-aside money for a downpayment, then good for you. However, homebuying amidst the coronavirus might not be as simple as before. Buying homes were never simple from the start, so you can expect more complications now amidst the global pandemic.

Home Prices Are On the Rise

Home prices are rising, and experts believe that they won’t be stopping anytime soon. This is good news for home sellers, but this may mean you will need to spend more time looking for your ideal home.

When looking for your dream home, you must have a fair idea of what you want. Research your target neighborhoods. This will be one of your biggest buys ever, so it is only right that you do your research first. Compare prices between different neighborhoods so that you can get the best deal.

Mortgage Rates Are at an All-time Low

Homebuyers are rejoicing. Mortgage rates have been on a historical low lately, with mortgages dropping to an average of 2.31% as of November 2020. Economists believe that these rates will stay around 3% until 2021, which will give buyers more time to look for homes that suit their needs and budget. The low-interest rates also contributed to the soaring prices of properties for sale.

Don’t expect that getting a mortgage will be easy, though. Banks and mortgage companies have become more rigid in their loan approval. Qualifications have become stricter because of the economic situation, requiring more proof that you can pay for your monthly obligations.

If you have an existing loan, you can opt to refinance your mortgage to help you pay off your loan faster and easier on the pocket.

You may get excited, but you do not have to go with the first mortgage company you see in your browser. Then apply for a pre-approved mortgage, which you will need to make an offer for your home sweet home.

Homes for Sale Are Scarce

If the demand for homes is high, the opposite is true for the number of homes for sale. The supply of houses for sale in the market cannot keep up with increasing demand. This scarcity helped the prices become more expensive. The national median for home prices reached $304,100 in July.

Since homes are few and there are many buyers, expect to fight for your dream home. You may need to level up the price when needed. However, you should also know when the price is too much. Another buyer may offer a higher buying price or even offer to pay in cash.

Set a limit to your price and stick to it. You should know when it’s time to give up and move on to your next option.

Find A Real Estate Agent That You’re Comfortable With

Find a real estate agent that you can work comfortably with. You must be able to communicate well with each other, and he or she must understand what you want and need for a home. These are stressful times already, and working with someone who does not try to understand you will just add to your problems. You may also need to work virtually with your real estate agent, given the pandemic.

Looking for your dream home is never easy. Remember to plan it out and save for the downpayment in advance. You will need more patience now with the real estate climate and the restrictions and safety protocols in place.