Buying a home during the current pandemic can be tricky. Many people are currently wondering if now is the right time. They’re having to consider how the coronavirus pandemic has affected local real estate markets, future job markets, and available financing options.
That is a difficult question to answer. However, what is for sure is that the Coronavirus has disrupted the normal flow of buying a house… even if only temporarily.
With unemployment continuing to rise, current and future homebuyers are wondering if the current recession will bring down housing prices. Others are worried about their own job security. Each of which affects homebuying confidence.
being safe and taking precautions
A lot has changed in a short period of time. The nature of the pandemic has meant that many homebuyers have to do virtual home tours and video conference meetings. Some brokerages have canceled open houses altogether, making video walk-throughs a more common substitute for in-person visits. Although this isn’t new technology, the way it’s being implemented in the real estate sector is starting to be widely accepted according to a blog post by PropertiesMiami.
In addition, a NAR survey also found that 68% of sellers with active listings, wanted prospective buyers to use hand sanitizer, to cover their shoes and face, or to wash their hands before entering their homes. When it came to home inspectors, 53% of sellers wanted them to take similar safety measures.
there’s still a desire for homeownership
Despite the presence of Covid19, many women and families still have a strong need or desire to purchase a home. You may still be considering a move due to work, the tax benefits, or family expansion. However, in times like this, it’s important to understand key indicators. So, before deciding if now is the right time to buy, evaluate each of these:
- know your market – what’s affecting other areas may not be affecting your city
- be secure in your employment
- weigh all of your current expenses