How do you think home values will be affected by the Covid-19 Pandemic?
If this Pandemic holds true to previous Pandemics, although sales and listing have come to all but a complete stop, there should hopefully be minimal (if any) decrease in the values of properties once things open back up. However, times are anything but normal and there is a definite amount of uncertainty.
Do you think homes will be harder to sell or stay on the market longer?
I am optimistic when Real Estate fully resumes, initially there will be a surge in sales from the back log of clients that have been patiently waiting to find their perfect home, which in turn, could potentially be the perfect time for sellers tog et those homes on the market.
Will buyers still be able to get loans for a home and what kind of credit score will I need to buy a home?
After speaking with both smaller and larger lenders, it seems for the time being, the criteria and credit scores needed to purchase a home are more stringent than before the Covid-19 Pandemic hit. However, the general consensus is that this criteria should relax once the market gets up and running again. Lenders have expressed they have different products that could be structured around a buyer’s circumstances on a case by case basis, which I would be happy to assist buyers with.
The type of financing a buyer would apply for depends on the credit score needed. For instance, one particular program is a Conventional Loan, which would require a credit score of 620 or higher. If you’re interested in a Government backed loan such as FHA, VA, or USDA, the minimum credit scare is between 640 and 660.
Is it recommended to sell my current home before buying a new one?
To make this decision, contact a lender and have them gather the specifics of your financial situation. There are programs available that would allow you to purchase a new home without selling your current home and as a Realtor, I can give you the guidance needed to help you reach your home buying or selling goals.