3 Reasons You Should Consider Buying a Home During Covid

Remax Reasons for Buying a Home During COVID

The COVID-19 pandemic has no doubt disrupted every aspect of our lives. And while the US housing market did take a little hit, it wasn’t as severe as many believed it would be. As a matter of fact, some markets are experiencing an inventory shortage. This has forced all parties involved, the buyers, sellers, and agents, to be a little more creative when setting up home tours.

Virtual Tours Are at an All-Time High

Virtual home tours have been around for several years now. However, ever since the pandemic hit, they have been at an all-time high. This is because people aren’t as comfortable with in-person tours right now.

However, that doesn’t mean in-person tours have completely stopped. According to some agents, there has been a fair mix of virtual tour requests and in-person tour requests. Potential buyers may do virtual tours during the search process, but they will still request an in-person tour before they make an offer.

COVID-19 Protections for House Tours

Remax Blog Buying a Home During COVID

Safety is a big concern during this pandemic. While homeowners want to sell their home, they also want to make sure everyone stays safe.

One precaution that is being taken during this time is limiting the number of people in the home at one time. It is recommended that only 2 people tour the home at a time. It is also recommended that all parties wear protective gear such as masks and gloves. According to Redfin agent Stephanie Beckwith, it has become prevalent to see homes with protective gear, gloves, masks, and sanitizer at the entrance. Homeowners are also requesting that no one touch anything.

So yes, the home buying process is most definitely a little different now. But that doesn’t mean it has stopped. Homeowners and homebuyers can still do what they need to do, just with a few extra safety measures in place.

Should You Buy A Home During the Pandemic?

Most people aren’t sure if they should take the leap and buy a home during the pandemic. And while your hesitation is understandable, here are three reasons you should reconsider.

#1 – There Is Lower Competition

The less competition, the better. Since fewer people are actively searching for homes, that means you have more options at your disposal. It also means you will be less likely to find yourself in a bidding war.

#2 – Interest Rates Are Low

At the time of this writing, interest rates are at an all-time low. That means your monthly mortgage payment will be more affordable than if you bought at a time when interest rates were high.

#3 – You May Get a Better Deal

Being that there is less competition, home sellers may be willing to lower their price just to get rid of the home. Keep an eye out for home sellers who need to sell their home as quickly as possible.

Just like there are advantages to buying a home during a pandemic, there are also disadvantages. The biggest reason you may want to avoid buying a home during this time is the health risks. Every time you step outside of your home, you run the risk of contracting the virus. So, please be safe and follow all safety guidelines. Another issue you may run into is low inventory. Some sellers may decide to wait until after the pandemic to sell their homes.

Finally, if you do happen to buy a home during this time, you may have a hard time moving as friends and family may not want to violate social distancing guidelines.

If you need help finding the perfect home, give one of our agents a call today. We would love to assist you.