Buying a home, especially if it’s your first one, often feels like a rite of passage. Traditionally, you save for your down payment, find a Realtor and attend multiple open houses and showings, all on the search for THE ONE.
And while in-person interaction is being minimized right now, real estate professionals are finding new and exciting ways to keep all buyers (and sellers) safe and in the loop. Your Realtor, loan officer and title and closing company are all here to be a resource for you whether you’re looking for your first home or have been to the closing table many times. As you know, June is National Homeownership Month, and despite current events, the summer housing outlook is very positive.
Here are some interesting facts and figures about homeownership from the National Association of Realtors:
- In 2018, first-time homeowners accounted for one-third of the house purchases in the United State and that group had a median age of 33.
- The percentage of buyers who use a Realtor to negotiate on their behalf and walk them through the process has continued to grow. In 2018, almost 90 percent reported using a buyer’s agent. In 2001, that figure was at 69 percent.
- There are multiple options out there that do not require a 20 percent down payment. In fact, buyers who have a mortgage reported financing an average of 88 percent of the purchase price. (And for buyers under 30, the average down payment was only 8 percent.)
The NAR maintains an evolving guide for its members to use as they navigate COVID-19 and support their customers. Throughout previous months, many of us in real estate have become pros at using technology to communicate with each other and our customers. No matter what, our goal is to maintain the personal connection you seek when conducting business.
Virtual home showings can allow you to see your options before you SEE your options, and you may save time and money by paring down your choices before you visit these homes in person. A traditional home listing contains dimensions, descriptions and design, but listings online allow real estate agents to show every angle of that farmhouse sink you have been looking for.
What is most helpful during the home search process? Patience. Patience with every aspect of homebuying will relieve your stress during an already stressful time. You can buy a home safely, smoothly and successfully — even during a pandemic — and you’ll have a whole team of real estate professionals with you every step of the way!
Post written by Robin Asher.
Robin has been an elementary teacher for 16 years. She is a mother of two who has been happily married to her husband, Jerry, for 25 years. When she’s not being an awesome content contributor for the Bowe Digital, she loves reading, singing and spending time outside in the yard.