Don't let the coronavirus pandemic hold you back from buying your dream home. Here's a brief guide that makes selling and buying a home during the crisis easy.
It's no secret that the real estate market has been one of the most heavily hit industries in the wake of the COVID-19 coronavirus pandemic. As job security evaporates, fewer and fewer people are able to commit to a long-term mortgage.
In this article, we'll attempt to deconstruct the effects of the pandemic on the overall state of the housing market, providing you with a guide to selling and buying a home in these uncertain times.
How Has COVID-19 Affected the Housing Market?
As mentioned above, COVID-19 has affected many industries, causing a global reduction in employment. Consequently, many folks are uncertain of whether or not they'll have their job in the long-term. This makes them hesitant to commit to a hefty mortgage right now. Many folks are choosing to save up for their down payment a little bit more and put off committing to a mortgage until they feel a little more secure about their employment.
The result is that demand has dropped while the supply of homes has remained relatively constant. The consequence is a reduction in housing prices and a reduction in overall activity in the market.
Selling a Home in the Pandemic
When selling a house in this pandemic, it's important to keep a few things in mind so that you are able to quickly move your house off an affected market while getting the highest possible price.
There must be a way for you to facilitate smaller-scale home appraisals and evaluations. This could include video tours or individual viewings instead of large groups at an open house.
In this time, it's also more important than ever that you utilize a real estate agent's services instead of attempting a for-sale-by-owner (FSBO) sale process. A real estate agent will be able to better connect you with buyers and help them navigate the world of bottomed-out interest rates that we're living in. Click Here to find your agent today.
Buying a Home in the Pandemic
On the other side of the market, buying a home in the pandemic is equally challenging. First, consider whether or not you are ready to buy a home. It may indeed be a wise decision to put off a purchase until markets have recovered and one does have a little more job security.
However, also consider the low-interest rates that are currently available. The government's choice to lower interest rates to stimulate economic activity could ultimately greatly benefit you as a buyer if you do have the income security to commit to a long-term home loan.
Selling and Buying a Home During COVID-19
With this guide to selling and buying a home in the COVID-9 pandemic, you should be far better equipped to navigate the murky waters of real estate in these unprecedented times. If you're selling, be patient and wait for the best offer that's right for you. If you're buying, make sure to be financially prudent!
For more real estate advice, be sure to check out the rest of the articles on the website!