Should I Buy a Home During Coronavirus?

buy a home during coronavirus

 

Coronavirus has impacted nearly every business sector across the country. The U.S. economy has taken a major hit: from layoffs to business closures, and rising grocery store prices. While there may generally be more stress on the economy, not every sector has screeched to a halt. The real estate market has been doing surprisingly well. Roughly 48% of real estate agents have seen a decrease in buyer interest compared to last year. At the same time, 45% said that the market is more tempting right now for some buyers do to all-time low mortgage rates. (according to NAR Flash Survey: Economic Pulse). While the temptation might be there to buy and cash in on those low rates, some people are still hesitant to go through the buying process during the pandemic. If you’re asking yourself: “should I buy a home during coronavirus?”, you may wish to consider the following.

Virtual Realty

Social distancing has forced realtors to reassess how they help their clients buy and sell homes. It goes beyond practicing safety precautions during in-person showings. Most realtors have moved most of their business online by setting up virtual open houses, tours, and closing deals. Once a buyer has expressed serious interest in a property by viewing the online materials, serious consideration is put into how to safely show the home in person.

Moving During COVID

The majority of moving companies have begun to implement virtual moving technology into their day-to-day as well. Estimates can now happen virtually, preventing any unnecessary in-person contact. Should you choose to buy a home during coronavirus, there are movers who will help you move as safely as possible. You can read about Arpin’s COVID response to learn more.