The COVID-19 virus has done some strange things to the economy in the spring and summer of 2020. March 2020 saw open houses shut down due to Governor Kay Ivey’s “sheltering in place” order. For a time, it looked as though the housing market was going to take a dive as a result of these market conditions. That said, realtors got creative. They started conducting virtual open houses and taking advantage of some of the restrictions of early spring being lifted.
Now, it appears that the summer of 2020 could be the best time yet to buy a home!
Buying a home during summer 2020 in the Wiregrass region and Auburn AL
Now it seems as though July and August are going to be banner months for home sales. Interest rates are at historic lows, but how do you navigate this “new normal” of homebuying during a pandemic?
At Troy Bank & Trust, we’re here to answer your questions about what to expect regarding buying a
home during summer 2020.
Loan Pre-Approvals Are More Important Than Ever
If you’re getting ready to offer a bid on the home of your dreams, know that you’ll be up against some stiff competition due to the high demand for new homes.
One of the most important things that can separate you from other offers is to get pre-approved for a loan. This instills confidence in sellers and gives them the security that entering into a contract with you will not be slowed down.
At Troy Bank & Trust, we can easily guide you through the pre-approval process with ease. We are here to help you through the entire process of obtaining a mortgage, from pre-approval to entire home financing.
Actually Buying The Home Might Take Longer Than Before
A slightly longer home buying process should not be a deterrent to actually buying a home during this time. That said, there are a few reasons why home buying in July and August 2020 might take a little longer:
Appraisal and home inspection companies taking extra precautions
Companies that provide appraisals and home inspections have been impacted by the COVID-19 pandemic as well. They have had to take on extra precautions for being onsite at your home. They have to:
- A. Touch things in your home
- B. Stay six feet away from you and your family
- C. Wash their hands thoroughly during and throughout the process.
This should not deter you from buying a home. However, you should anticipate these normal home buying processes to take a little longer than before.
Homeowners are refinancing in record numbers
Prospective home buyers aren’t the only ones racing to secure a mortgage. Because of low-interest rates, current homeowners are racing to refinance their homes. This clogs the system for many large banks who are processing mortgage paperwork at unprecedented levels. For many banks, that means a slowdown in the home buying closing process.
However, because Troy Bank & Trust is a hometown lender for the Wiregrass area and Auburn, AL, we’re able to process our lending much more efficiently than the big banks. You shouldn’t expect any delays from us!
Final Advice From Troy Bank & Trust On Buying A Home In Summer 2020
Summer 2020 could be the summer of a lifetime for homebuyers in the Wiregrass area and Auburn, AL. Go ahead and check your credit score (we can help!) and shore up any potential mistakes your credit report might show. Definitely get pre-approved for a loan in advance of making any home offers. And have patience through the process as some vendors involved in the home buying process adapt to the changes imposed on them.
Most importantly, however, reach out to a local independent bank such as Troy Bank & Trust for your home buying needs. We are situated right in your backyard and have more of a vested interest in personalized services than other banks in your region.
We’ve made a commitment to serve our communities better than any other lender you’ll find. We live in your community ourselves. Our bankers see you in the grocery stores. Troy Bank and Trust folks sit next to you (at a 6 ft distance, of course!) at Little League games. We’re attending local churches virtually, just like you. Our desire to serve our own local community means that you’ll be getting much more personalized service with your mortgage needs than any other bank in the area.
Come by and visit us for any questions. We’d love to sit down and have a discussion about your hopes and dreams of buying a new home during this time. After all, we’re not just a bank – we’ve committed to serving your needs and have been serving your community for over a century doing just that.
Seek out Troy Bank & Trust when purchasing your new home.
Troy Bank & Trust has been serving the Wiregrass region and Auburn, AL, for over a century. As a local independent bank, we offer more free accounts and charge fewer fees. Banking with us means you’re also helping your local economy, and we make your banking experience easier. From assisting in your loan pre-approval process to refinancing your home, reach out to our mortgage lending department by visiting or calling your local branch, or apply online today for a mortgage.