4 Reasons Not To Put Off Home-Buying Due To Coronavirus

Posted on: 22 April 2020

With many people stuck at home due to the coronavirus pandemic, those looking to buy a new home in 2020 may feel that their plans have to be put on hold. But, in truth, 2020 is a great time for well-positioned buyers to snap up the right house. Why? Here are a few reasons not to wait.

1. Agents Work Virtually. Modern technology means that you, your real estate agent, and the home seller can all work without coming into much — or any — direct contact. You can take virtual tours, make use of photo and video proxies, work with agents over the phone or on video, meet owners by appointment, and even sign and send documents electronically. If you worry about exposure to Covid-19, talk with your agent about adjustments they can make.

2. Mortgage Rates Are Low. Low sales and a tough economy translates to lower mortgage rates. With rates already low, buyers who are ready in 2020 were already in a good position. But that will be magnified as efforts to boost a slow economy continue throughout the year. While it may take a little more time to get through the loan process with depleted lender staffing, perseverance will save thousands.

3. Competition is Also Low. Any home shopper is competing with the other shoppers around them. But with many buyers deciding to forgo their moving plans at the moment, you are in a better position to snap up a great house for a great price. Even if a seller has reconsidered moving and taken their home off the market, their agent may be able to match you up through their existing business relationship.

4. A Home Is a Good Asset. If you don't currently have a home, you have reasons to get one. Mortgage backers are offering additional protections against collection and foreclosure during the coronavirus slowdown. And if the worst does occur and you must declare bankruptcy in the future, equity in your home is a protected asset — where your cash down payment was not. Homeowners have options that lead to greater stability.  

No matter what your concerns about 2020, a well-placed buyer has ample reasons to move forward with their goal of buying a home. Want to learn more about navigating the real estate world during and after the pandemic? Start by meeting with an experienced real estate agent in your area.