Pros And Cons Of Buying A Home During The Covid-19 Pandemic

Buying a home is always a big decision and could influence your life for years to come. With the Covid-19 pandemic raging in the United States, we are witnessing a transforming inside the real estate industry. Lets look at the Pros and Cons of this.

Pros

• Better Mortgage Rates
• Historically, when we look at an economic crisis, one of the first thing we see are federal rate cuts. Luckily, right now rates are at historical lows, making it a magnificent time to purchase. This could end up saving you thousands of dollars over the long-term, all you have to do is look at what the rates were before the pandemic to see the difference in long-term savings.
• Lower Prices
• Home buying during Covid-19 has helped push prices in certain areas to the lowest prices they have seen since the great recession. If lucky, you might find what you are looking for on a discount. If you are in the market for home investing, it will dramatically reduce the fixer upper home during the pandemic because of the lower-demand.
• Less Buyers to compete with
• The challenge sometimes when looking at homes is competition with other buyers, you put the offer in only to get outbid out of your price range. Many buyers will be out of looking for a home because of the economic hardships happening. Sadly though, you might see an increase in people looking to start home investing.

Cons

• Hard to see in person
• Because of the CDC guidelines and social distancing in many states all over the country during the Covid-19 pandemic, it has made seeing houses in person much more difficult. The days of just scheduling an appointment and going over a long gone. Now, you will need to follow the guidelines, and if even they allow you in because of the Covid-19.
• Sellers might wait till it passes
• Some sellers might look at the situation and thinking it isn’t a marvelous time to sell and that they can afford to wait. This isn’t abnormal for many people as they list their house to get a feeling of the market in their area. If home buying is your number one concern, ask your real estate agent about houses that have been taken off the market because of Covid-19 to see might be worth waiting.
• Might be hard to get Appraisal done
• Just like going to see properties, it might be hard to get the appraisal done before buying the home. Every step towards buying the home will be long-gated because of Covid-19. There is a silver lining inside that though, it gives you more time to confirm your decision. 

Conclusion

The Pros and Cons of home buying or home investing have changed during the Covid-19 pandemic. Not only is it harder to follow viewing, inspecting, and appraising a home. It has also sprung some wonderful opportunities for some in mortgage rates, prices, and demand in certain areas. Depending on the situation you are financially, region or city you are located, and the time you will put into buying. This could be one of the best moments in almost 12 years to be home buying.