First-time home buyers got insights into the buying and moving process in the time of COVID from a panel of experts — a real estate agent, lawyer, lender, insurance agent and mover — at Brownstoner’s “What First-Time Home Buyers Need to Know.”
At the free webinar, held May 13, which you can view here, licensed real estate broker Aroza Sanjana, owner and president of Avenue Sotheby’s International Realty, said there’s apprehension among sellers — they don’t want people coming through their homes. As a result, they’re willing to wait. “We’ve started virtual tours, but inventory might collapse a bit,” she said.
For attorney Ryan Walsh of the law firm of Walsh & Gilad PLLC, the real estate industry has adapted to the crisis. “Contracts are being signed, closings are still happening every day,” he said. “We’ve been able to stay open and find ways to do business.”
Walsh pointed to the recent law passed by Governor Cuomo that allows virtual notarization. “So we’ve been able to conduct closings,” he said.
Mark Ehrhardt, founder of moving company Movers Not Shakers, suggested that after you move your belongings in to your new home, “wait a day to move in, to reduce anxiety and risk,” he said.
Jeff Schneider, owner of Gotham Brokerage, said that nowadays, banks will insist that you have insurance, “and they’ll want proof before closing.”
Alex Evans, home mortgage consultant at Wells Fargo Home Mortgage, said that credit institutions have gone to the conservative side. “The minimum credit score has changed from 580 to now 640,” he said, adding that interest rates are the lowest they’ve been in years, “in the high 2s.”
You can view the webinar here:
To sign up and reserve your place for Brownstoner’s next free webinar, click here. “Curious About Moving to Westchester?” will take place on Thursday, May 28 at 3 p.m.
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[Photos via Avenue Sotheby’s International Realty]