Thinking about buying a home in the time of Covid? While it may sound like a strange idea considering the uncertainty and irregularity of the past few months, many people are still considering taking the leap into a new home.
But is now really such a crazy time to buy a home?
When it comes to the real estate market, nothing is cut and dry. Let’s take a look at the current situation and find out if buying a home during the coronavirus pandemic is the right move for you.
To Buy a Home…
Despite all the issues that COVID-19 has caused, buying a home is not unrealistic right now. In the early days of the outbreak and lockdown, home sales and showings plummeted as we stayed in our homes and put our lives on pause.
As we move into the second half of summer, buying a home is no longer off the table. By now, real estate agencies have adapted to these changing times with new ways to list, view, and sell homes in a safe and socially distanced way. Sellers and buyers are both ready to move forward with their lives and plans for a new home.
At this time, mortgage rates are still incredibly low, making right now a great time to apply for a mortgage on your new dream home. If you are considering jumping into the real estate investment market, now may also be a good time for you to invest while rates are down, and the market is heating up.
Not to Buy a Home…
There are countless reasons that could make buying a home right now unfit for your situation.
Of course, we have to consider your overall stability and preparedness. If you are concerned about your job stability because of COVID-19, it may be best to wait it out until you have a better grasp of your company and industry’s stability. In some cases, lenders have made it more difficult to buy a house now by raising credit requirements. You may benefit from taking extra time to improve your credit.
You will also want to take consideration of your current health state. If you are immunocompromised or vulnerable to respiratory issues, moving into a new space and interacting with people throughout the sale and move may not be the best option at this time. On the other hand, if you live in a situation where you feel at risk of contracting the virus or any other health and safety concerns, buying a home now may actually be the best choice for you.
The Bottom Line
Our homes are essential, and for some, buying a new home may be the right thing to do. For others, this pandemic has offered extra time for saving, researching, and dreaming about their next move. Whether the virus has encouraged or discouraged your next buy, the most important thing at this time is to protect yourself and your family while making the most of life!