3 Handy Tips For Buying A Luxury Home During Pandemic

By Author: Panama Realtor
Total Articles: 7
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With the pandemic caused by COVID-19 still ongoing, you might think it's a bad time even to be looking at luxury homes for sale in Panama. But statistics in the US say otherwise. Thanks to mortgage rates near-record low, the luxury home industry soared by a whopping 42% from a year earlier. This is the biggest increase the market has seen since 2013. Reports also reveal greater sales gains in the high-end housing market, specifically in retirement destination areas and resorts. The same can be concluded for the luxury home segment in Panama because many buyers from the US are looking to live here.
This could be the right timing for you to buy a luxury home. Of course, the process isn't going to be easy. So, if you decide on a luxury home to buy, read these helpful buying tips.
1. Get pre-approved first.
Agents and home sellers are going to be stricter when it comes to identifying prospective buyers. Some of them don't do open houses, while others only allow those who have already secured preapproval letters from a lender to view the property in person. As proof that you are a serious buyer who has the financial ...
... capacity to buy a luxury home for sale in Panama, getting pre-approved is always a good idea.
2. Do a thorough virtual home walkthrough.
The new rule in selling and buying any home is doing virtual home tours while adhering to the safety protocols and limiting foot traffic. You really shouldn't be out there looking at every potential home. It's safer to do a virtual tour first, then make a shortlist of the properties you are truly interested in to see them in person.

Some sellers provide pre-recorded video shots. Don't rely solely on those as they are often professionally edited to make the property look better than it is. What you want is a live virtual home with real estate agents guiding you through every part of the property. This way, you can check every nook and cranny better and even ask questions.
3. Hire a professional real estate agent.
Pre-pandemic, it was technically possible to do everything on your own without an agent. Today, it's best for buyers to hire a professional real estate agent. Someone who has been working in the luxury home market can better guide you in selecting the right house according to your preferences and requirements.

About the Author:

Based out of Panama City, Panama Realtor is a duly licensed real estate company in the Republic of Panama. The firm represents properties throughout the ten provinces of the Republic and is committed to deliver a professional real estate experiences to all of its clients.

Based out of Panama City, Panama Centro Realty is a duly licensed real estate company in the Republic of Panama. The firm represents properties throughout the ten provinces of the Republic and is committed to deliver a professional real estate experience to all of its clients.