How to Buy a House From Your Couch
Updated: Apr 14
In the 2-week period that we have been locked down since mid-march, there have been, in Los Angeles County, 1,500 properties that have sold. Over 1,400 have gone into escrow, and over 1,200 have come on to the market. With interest rates historically low, and sellers unsure where the market is heading, and being that we are now in year 12 of what's normally an eight-year cycle, we're seeing motivation on both sides and lots of transactions. For those of you that have been sitting on the sidelines waiting for the market to change, or simply just saving up your nest egg, this could be your moment to strike. To get you ready and prepared, I'm going to go through four things that you can do from your home so you can strike when the moment presents itself.
#1 Get Pre-Approved
A mortgage pre-approval will give you a better idea of what you can afford, and it shows that you're a serious buyer. Gather the necessary documents like your income verification, credit history and asset documentation while you spend some time at home and reach out to a lender for assistance. I can always make an introduction if you want.
#2 Virtually Connect with an Agent
Today more than ever, it is so important to start working with a trusted real estate adviser, so you can move quickly when it's time. And whether you talk to them via phone or video, a real estate professional can help you to understand how to navigate the changing dynamic of today's market, without bringing your plans to a standstill.
#3 Do Your Research
Now is a great time to study the market, learn what homes are trading for in the neighborhood you want to call home, and investigate all of the different loan products and down payment options out there. This way, when you want to make a decision, you can be quick without fear or anxiety.
#4 View Listings Online
You may not be able to check out homes for sale in person right now, but you can look online and see what's available in your area. Use virtual tours and listings to take note of your favorite must-haves and nice-to-haves in a potential home.