Due to the pandemic, the homebuying process has undergone many changes, just as the U.S. housing market has. Health and safety precautions required to protect against COVID-19 are in place, which has dramatically limited in-person showings and Open Houses. Face-to-face meetings with Realtors are now practically nonexistent.

You’re going to need some patience when it comes time to interview potential Realtors to represent you. It’s also going to be more of a hassle trying to get pre-approval on a mortgage. So, if you have to wait longer than usual for a call back just understand that these professionals are likely juggling quite a few buyers and sellers at any given time.

Once you are ready to make an offer on a home or are already under contract, your Realtor will keep you apprised of every detail as the process moves forward to make sure you are prepared. You can rely on them to strongly advocate on your behalf when it comes to price. Your Realtor will also handle any resistance coming from a seller and/or their agent. When it comes to appraisals and home inspections, he/she will set those up too.

Home Showings & Open Houses Have Changed

It doesn’t seem that long ago when we could drive by an Open House sign, park the car, and walk right in to look around the house. Those days are gone for now. Sellers are carefully screening buyers and their agents before scheduling a private showing, making sure the buyer is qualified. Safety protocols must be followed by everyone involved. Open Houses have been replaced by video and virtual tours due to the need for social distancing.

Expect to Find Yourself in Bidding Wars

When you finally find a home you want, be prepared to quickly make your best offer. Right now, the housing market is on fire and homes are being snapped up in weeks, if not days once they’re listed. Demand is far outpacing supply, with so little inventory. As this continues, buyers find themselves competing with others for fewer homes that meet their criteria. This situation shows no signs of slowing, so this may play out for some time to come.

While you might find the perfect home for you and your family, there may be a number of other buyers who feel the same. This is the perfect setup for a bidding war to occur once you submit your offer. Many sellers are weighing multiple offers, and this includes all-cash offers and others in which buyers are willing to pass on typical contingencies, like a home inspection.

Your Finances Will be Under Close Scrutiny

Once you’ve found your ideal home and the seller has accepted your offer, your next challenge will be getting your loan approved. Lenders are being far more careful now about granting loan approval.

The underwriting process can seem to go on forever while they examine your finances, employment, and credit history. Lenders must convince themselves of your financial stability and will therefore examine your finances under a microscope, including your spending habits.