Should you buy a home during COVID-19 / RONA / QUARANTINE / THE WORLD IS ENDING
Okay, it depends.
Look, first of all, rates are lowwwwowowowowwwww. I mean low. I mean practically unheard of low. So, from a financial aspect, if all your other ducks are in a row then YES. You should buy a house like yesterday.
Here in Houston, inventory is pretty balanced, though it's tipped a little in our seller's favor. That means it's a seller's market. That means there are more people who want to buy a house than we have people who are selling houses. Now, like I said--it's pretty balanced. So it's not huuuuugely tipped in favor of sellers, but it is tipped.
So far during the pandemic, I have heard from a few of my sellers that they want to hold off--they are scared the market is going to crash and they don't want to lose out on their equity. I don't think that's going to happen.
My buyers are not scared. They are buying NOW. In fact, in multiple cases they have lost out even when we have submitted a strong offer because the market is just that hot. Buyers are buying.
Further, compared to 2008, the last market crash, we are in a completely different boat. Sellers have way more equity now. They've taken out less of their equity and they're overall just in better shape. There will be no panic to cash out anytime soon.
Also, the economic crisis we are facing in 2020 has nothing to do with real estate. When the economy crashes and it is related to mortgages defaulting, foreclosures, etc. that is when our housing market crashes. COVID-19 has nothing to do with real estate. People are still making their house payments and foreclosures are not on the horizon.
So based on the facts, it looks to meeee like home values are only going to continue going up. That means, you should probably buy now. Not later. And again, with rates as low as they are, it really only makes sense, tbh.
BUT WAIT. WHAT ABOUT THE VIRUS???
Thank you, that is an exceptionally valid concern! And I'm gonna be more frank with you than most realtors. Here's 3 things I want to tell you about that:
1. Obvi, if you are sick, think you might be sick, etc. don't go to other people's houses or be around people. 2. Real estate business has been deemed "essential" here in Texas, so the show must go on! We got hand sanitizer, masks, clorox wipes, gloves, etc. and most sellers are leaving lights on for us, closets open, etc. so we don't really need to touch anything, I've even had a seller leave the door unlocked for us so we literally touched nothing but the door handle to get in and out. This can be done safely.
(And here's where I'mma be real with you:) 3. If you don't feel it's a safe risk to be home-shopping right now then don't there are always homes for sale. If you are scared, if you have anxiety, if you don't neeeeed to buy right now. Then don't. It's up to you. You know what's best for your family, and your life better than anyone. The call is yours either way and I'm happy to talk it over with you! :)
Have any more questions? Hit up the contact page or send me a DM on insta! @bayoucityhomes