Adapting to the “New Normal” for Home Buying

Part of human nature is adaptability to varying circumstances no matter how simple or grave they may be. And with the ongoing COVID-19 pandemic, it’s no different.

The severity of the pandemic shouldn’t be taken lightly and we’re now seeing some level of normalcy in many areas of life.

The housing market has also seen a resurgence in activities, but with changes that are aligned with stricter health measures and social distancing.

4 New Normal Activities for Home Buyers

Virtual Housing Tours

Since the pandemic came to its peak, there has been a new protocol for house hunting. In the majority, if not all cases, home buyers and sellers nor their agents are allowed to be inside a property all at once. How to go about the process then, you may ask? Simple: virtual housing tours.

Now, home sellers put up videos of their property for sale on websites or forums catered specifically for those looking for a home. It’s actually quite economical since it saves both parties time and effort.

If the buyer is serious about purchasing a property, then a physical meet-up can then be scheduled.

Moving to Contactless Transactions

To avoid face-to-face interaction, transactions are now being processed virtually. E-signings replace the usual in-person contract or form signings. Mobile notaries are now also being deployed to assist in legal matters related to home sales.

Most realtors and lenders have transitioned to digital signing on most of their forms and their processes. This has helped soften the blow caused by the pandemic. Surely more of these digital transformations are to occur to avoid in-person transactions.

Shorter Inspection Periods

One of the silver linings of an otherwise dark period in history caused by the pandemic is the shortened, more efficient inspection periods.

You can chalk it up to inspectors being less busy than usual. But even if demand starts to pick up, we can expect inspections to be slightly less time-consuming.

Processing Payments Remotely

Aside from virtual consultations, 360 virtual video tours and digital signings, payments are also now processed remotely. Various online and mobile payment channels are readily available for use and it’s more secure. Paying for an appraisal cost, for instance, can now be done online.

And of course, there’s the good-old-fashioned way of sending payment by mail. Either way, you can be assured that your funds are secured and will be processed.

Location Hot Spots for Purchasing a New Home

Even before the Coronavirus, a lot of people were already considering moving to more rural, less congested locations outside of the bigger cities. The reason for such a move is usually to have a healthier work-life balance.

Realtors are seeing a slight uprise in the purchase of property in the areas of Gatineau, QC and Winnipeg, Manitoba. Even before COVID- 19 hit, these locations were already part of the up-and-coming lists of different real estate and brokerage websites.

Saskatoon and Quebec also attract a lot of would-be home buyers because of the quiet charm that they have to offer. Calgary has proven to be the go-to location for immigrants from other countries.

But even with the impact of the pandemic, Toronto and Vancouver still remain at the top of the listMontreal and Halifax are also favorites of house-hunters.

The New Normal with the Help of an Expert

Treading through unfamiliar territory is proven to be even more difficult if you do it alone. Daisy Raouph can help you to navigate the mortgage market and help guide you in the new normal for home buyingBuying a house is no easy task, but it shouldn’t be rocket science either. Let’s make your strategy pandemic-proof. Get in touch with us today.

New Normal for Home Buying Ajax, Pickering, Durham Region, GTA, Ontario, Canada

Daisy Raouph, CLU, CHS, specializes in mortgage financing solutions and financial services. A Mortgage Broker and Financial Security Advisor with over 30 years of experience in financial services. Contact us today to review your mortgage financing options. We can help!