Many Albertans spent the better part of 2019 saving up for a new home in the hopes of becoming a homeowner this year. If you were one of the many wanting 2020 to be the year you achieve this goal, you may notice that the housing industry is completely different from even a few months ago.
Mid-March was the beginning of the lockdown in Alberta. Large gatherings were cancelled. School was cancelled. Non-essential businesses were cancelled. It felt like everything shut down over the weekend. Unsurprisingly, the housing market also ground to a halt. This was more due to the fact that people were uncomfortable having strangers in their homes or viewing others. The real estate market was still seen as essential but few were willing to take advantage of it. Now that Alberta is slowly opening back up, home buyers and sellers feel more confident to get back out there.
Although things are slowly opening back up, there are still considerations to make before deciding to jump into a mortgage right now. Most industries have felt the massive impact of COVID-19 and the subsequent lockdown. If your main sources of income are from these suffering industries, like many of ours are, then take the time to truly assess whether or not you can afford to make such a huge purchase. In some cases, potential homeowners cannot wait. For example, if they already sold their home or if they are living in unsafe conditions. Be realistic with yourself; can you wait a little while longer or do you need to jump in right away?
For those who choose to purchase a home while restrictions are still enforced, the home buying process will be more virtual than normal. Instead of going from house to house, most of your visits will be through online listings. This is also the perfect time to start working with a real estate agent to provide you with any details that may not be in the listing. Once you’ve chosen a couple of homes you could really see yourself in, speak with the listing agent for a list of requirements in order to view the home. For example, agreeing not to touch anything.
As the housing landscape keeps changing, these norms will continue to evolve. Prepare to be flexible and ensure you are working with a trained, compassionate team of professionals who will keep your goals at top of mind. At Source Mortgage, we can help you navigate all of the changes as smoothly as possible. Contact us today to get started.
Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013
Chad and Jenelle Richards
Added January 23rd 2013
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