The Economic Impact of Buying a Home

    The Economic Impact of Buying a Home

    Apr 12, 2020

    The Economic Impact of Buying a Home

    We’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of the players involved in a real estate transaction are changing to a virtual format. What isn’t changing, however, is one key thing that can drive the local economy: buying a home.

    We’re all being impacted in different ways by the effects of the coronavirus. If you’re in a position to buy a home today, know that you’re a major economic force in your neighborhood. When you buy a home, you’re making an impact. You’re fulfilling your need for shelter and a place to live, and you’re also generating jobs and income for the appraiser, the loan officer, the title company, the real estate agent, and many more contributors to the process. For every person or business that you work with throughout the transaction, there’s also likely a team behind the scenes making it all happen, so the effort multiplies substantially. 

    Glenn Elliot, Real Estate Broker Associate at ERA Justin Realty offers, “And while we all wait patiently for the current pandemic to pass, there are a lot of things you can do in the meantime to keep your home search on track.” Below are some tips Glenn offers buyers who are currently on the search, or thinking about buying a home: 

    1. Get Pre-Approved. Pre-approval for a mortgage will give you a better understanding of what you can afford and it shows you are a serious buyer. Gather the necessary paperwork like income verification, credit history, and any documentation on assets while you’re spending time at home and reach out to a lender for assistance.
    2. Virtually Connect With An Agent. Today, more than ever, it’s important to start working with a trusted real estate advisor, so you are ready to move quickly when it’s time. Whether you chat by phone or video, a real estate professional can help you understand how to navigate the changing dynamics of today’s market without bringing your plans to a standstill.
    3. Do Your Research. This is a great time to investigate down payment assistance programs, if necessary, especially if you think you may benefit from a low down payment option when you make a home purchase.
    4. View Listings Online. You may not be able to check out some of the homes that interest you right now, but you can still look online for what’s available. Our office is doing virtual open houses and virtual tours and can help you start the process.

    As a buyer, you have an essential need for a home – and you can make an essential impact with homeownership, too. That need for shelter, comfort, and a safe place to live will always be alive and well. And whenever you’re able to act on that need, whether now or later, you’ll truly be creating gains for you, your family, local business professionals, and the overall economy.

    To connect virtually with Glenn, or any of our real estate professionals to help with your home buying needs, call 201.939.7500.