Here’s What Your Mortgage Lender Wants You To Know About Buying a House Right Now
May 12, 2021
Even during the COVID-19 pandemic, people want—and need—to buy homes. The housing market has been red-hot for a while, but the current market conditions make buying more of a challenge than ever.
“There is a shortage of houses in many markets. This is creating bidding wars, offers over asking, and appraisal gaps—houses are going quickly,” says Shanon Schinkel, branch manager and mortgage lender at HomeTown. “But there are still many great opportunities if you’re patient and have a great real estate agent and lender.”
If you’re tempted to jump in and buy a house, you will most likely need a mortgage, which means you will be dealing with banks, credit unions, or other financial institutions. Before taking the plunge, here are some things the experts want you to know.
Now may still be a good time to buy a home
“Regardless of the economic environment and uncertain times, consumers will always have a need or desire to buy a home,” says Ann Thompson, retail sales executive of the West with Bank of America. “The best time to buy is when it makes sense in your life.”
The changes in everyday life due to the pandemic have placed a greater emphasis on the value of a home, says Rick Rudman, CEO at Curbio, a home renovation technology company.