Should You Delay Homebuying During the Coronavirus Pandemic?

Nonetheless, for those who have an immediate need to move or are looking to scoop up a potential deal in a troubled marketplace, here are the details you should consider as you decide if you should buy or sell a home during the global pandemic:

  • Personal financial situation.
  • Whether you can identify the right property from a distance.
  • Contingencies needed for a contract.
  • Mortgage approval timeline.
  • Changes to closings.

Personal Financial Situation

A buyer with the financial ability to move quickly in any market has the upper hand, but never more so than in this housing market where an eager seller is looking for the quickest possible transaction. If you have cash to make a purchase, it remains a fairly simple process regardless of the current state of the market.

For the buyer who plans to finance his or her purchase, mortgage preapproval is critical.

Regardless, before jumping into this arena, a buyer should evaluate the following:

  • Do fluctuations in the stock market impact my ability to make a purchase?
  • Is my job secure?
  • Do I have the wherewithal, both financially and psychologically, to weather the potential twists and turns of this uncertain time?

Whether You Can Identify the Right Property From a Distance

Real estate may or may not be considered an essential business during the pandemic, and in-person home showings are not allowed in many places, though this varies from state to state and shifts over time as governors take different stances on how to best fight the virus.

Some of the nuanced areas to consider are:

  • What are the light and views really like?
  • Do you have a strong enough sense of the room proportions and layout to buy the property site unseen?
  • Are there any unpleasant smells or noises from neighbors in the building or neighborhood?

    Clearly, the real estate marketplace is in a holding pattern as people try to figure out what’s ahead for the economy and health of the U.S. For a homebuyer not worried about his or her income, this could be a great time to get a deal. The buyer pool has shrunk, which gives the ready and able buyer a real advantage.

    Many sellers are fatigued financially and psychologically, and as a result, those who can identify the right home, have the financial ability to buy and can protect themselves legally might snag the deal they have been waiting for. In a few months, when this pandemic subsides, buyers will trickle back to the market. But today, those who have the guts and wherewithal may reap the highest rewards.

    https://realestate.usnews.com/real-estate/articles/should-you-delay-homebuying-during-the-coronavirus-pandemic