Buying a Home During COVID-19, is it a Good Idea?

Is buying property during the COVID-19 pandemic a good idea?

The COVID-19 pandemic disrupted the housing market in 2020. With people asked to stay at home, the era changed the way realtors and their clients bought and sold homes. However, the real estate industry never stopped.

If you’re wondering if you can buy a house during the COVID-19 Pandemic, the answer is yes.

While we implement social distancing precautions and more patience in the buying process, you can successfully find the home of your dreams despite the pros and cons along the way.

Pros of Buying a Home During a Pandemic

COVID-19 has been a time of uncertainty for many and new norms are popping up every day. One thing we all have in common is that we are now spending a lot of time in our homes. That is why homes have become even more important! We are now working from home, teaching our kids from home, and spending almost all of our time in our homes. We’re realizing that we might want more space or we’d like to shift locations to somewhere more desirable.

Taking Advantage of Historic Mortgage Rates

With mortgage rates being at an all time low and people all over the United States house hunting. Competition for real estate in the High Country of North Carolina is at records highs. Low rates get more bang for your buck and, for some, that means their “dream home” is now affordable.

Cons of Buying a Home During A Pandemic

The largest obstacle to buying a home in the High Country right now is the lack of homes on the market. But, do not be discouraged, houses come on the market every day, so finding one that is perfect for you just takes some patience and getting everything ready to go while you wait.

How to Buy a Home in a Competitive Housing Market

If you are serious about buying right now, there are a few things you can do to get yourself set up for success. If you are a first time home owner, read our guide on how to start.

Get Pre-Approved For A Loan

One thing is to get pre-approved for a loan. Sellers want to know that you have the ability to buy the house they are selling. Finding the right mortgage lender for you is also very important. Research local lenders that also have connections to local real estate agents. Mutual connections can make the process smoother and more enjoyable.

Find a Realtor

Another thing to do is find a Realtor. At 828 Real Estate, we understand the market and can assist you with making an appropriate offer that a seller will consider and eventually accept. Do you research to find the best fit! If you’re interested in working with one of our realtors, check out our Our Team to find out more about each agent.

Is Now the Right Time to Buy?

If you have a stable income, a down payment in the bank, and are planning on staying in the home for more than a few short years, now may be the perfect time to buy in the high country.

Contact 828 Real Estate and sign up for our newsletter that sends you homes in our market that fit your needs. We also can recommend mortgage brokers to work with and get you ready to make the leap into home ownership when the time is right! For many, the time is now!

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