Source: Margaret Heidenry | Realtor.com | May 6, 2020
The coronavirus pandemic has thrown millions of people’s financial plans off the rails, and that certainly includes home buying. If you were hoping to purchase a property soon, you no doubt have a lot of questions—about whether it’s possible to buy or tour a house now, COVID-19’s impact on home prices, and more.
We’re already written a guide to home buying in the age of coronavirus to help you navigate this new reality in real estate, but we know there’s a lot you still want to know. So here are the answers to your most pressing questions about buying a home right now. Whether you’re wondering what’s up with home prices or open houses, read on to learn everything you need to know.
1. Is it possible to buy a house now?
While buying a house today may be more challenging due to health and economic concerns, it is certainly possible. In fact, the U.S. Department of Homeland Security has declared that residential and commercial real estate services are an essential service that should be allowed to continue. (State orders, however, may overrule that guidance.)
Furthermore, the real estate industry has quickly adopted new technologies to help home buyers and sellers stay safe for as long as this pandemic lasts.
However, certain aspects of the home-buying process might be restricted or look a bit different these days. For instance, as COVID-19 outbreaks gained momentum, certain hard-hit states (such as New York) banned in-person home viewings. And while home closings typically involve the presence of the buyers, the sellers, their agents, and a notary, some states (such as Florida) loosened restrictions and allowed remote or “curbside” closings, where documents are slipped through car windows to lower the exposure levels of all parties involved.
Aside from federal and local restrictions, a lot will depend on the home sellers’ comfort levels. Some sellers might be fine with your touring their house. But others might not be comfortable letting strangers in their home, even if property tours are allowed in your area.
A local real estate agent will have the best handle on what home buyers can and can’t do in your area, so feel free to consult an agent for the most up-to-date information. Here’s more information to help you answer the question, “Should I buy a house now?”
2. Is now a good time to buy a house, financially speaking?
From a financial perspective, there are certainly some advantages to buying a home right now. For one, mortgage interest rates are historically low, which means your monthly housing payments will be lower, too. And putting a property under contract now and locking in a low interest rate gives buyers more control than living in a rental where rents might go up.
Another big consideration on the financial side of the home-buying equation comes down to competition. The coronavirus has dissuaded some home buyers from home shopping for the time being. So buyers who do venture out face less competition, which could put them in a stronger position to negotiate with sellers.
In addition to surveying the housing market and mortgage rates in your area, you should also take a good, hard look at your personal financial situation. You’ll want to gauge whether now is a good time to buy for you. Are your job and income stable, or are you worried about layoffs or the stock market?
If your own financial future is uncertain, you might want to take more of a wait-and-see approach to home buying. Or consider buying a home well under what you can afford just in case the coming months throw you a curveball. Continue reading the rest of the Q & A HERE
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