Buying a Property During a Pandemic?

By
Real Estate Sales Representative with Castles Unlimited®

Coronavirus is, unfortunately, not only a health issue worldwide but an inevitable business disruption, and we consider buying housing a business decision. 

If you have been planning to buy a new home this 2020, well then, despite the situation, you can still do. But should you go for it?

We are aware that most businesses aren't doing that well at the moment, this week the government has ordered temporal closure from all restaurants, bars, and others. However, the crisis has not affected the housing market, yet. Several industries were put on hold and future consequences are hard to predict.  The economic impact seems devastating, for instance,  people are expected to have less access to loans, and as a consequence, there will be probably fewer listings available. 
 

On another hand, people that have job security, and are capable to afford an investment should take advantage of lower mortgage rates.  As a side effect, the housing stock for sale will be more attractive to many, than what is for rent.

Homeownership benefits include tranquility and certainty. As long as you can make the monthly house payment, take advantage of the situation. If you take the time and research testimonials from people that purchased property during the economical crisis of 2008,  you can learn from their good experiences since they do not regret buying during that time frame.

Bottom line is that, among uncertainty, we have to try and keep things as usual. If you want to purchase a single-family home, a condo, commercial real estate, or land, contact us and we can gladly assist you!

Comments (1)

Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

While I do not believe this is anything like the housing crisis of '08, you are correct that now is a great time to buy if you are financially able.

Mar 19, 2020 08:32 AM