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Should I Buy a Home During the Coronavirus?

Should I Buy a Home During the Coronavirus?

Spring is upon us, which typically involves a big peak of home buyers checking out properties, negotiating, and closing on new places. But the coronavirus outbreak—with its quarantine measures and economic uncertainties—has many a real estate shopper wondering: Should I buy a home now, or wait?

The National Association of Realtors® offers a fantastic, detailed discussion on this subject in the fascinating podcast and article series, Home Buying in the Age of Coronavirus.

The impact of the coronavirus on the housing market

So what state is the housing market in right now, anyway? While that depends on how bad an outbreak an area is suffering, most markets are feeling some sort of hit. The latest NAR Flash Survey: Economic Pulse, conducted on March 16 and 17, found that 48% of real estate agents have noticed a decrease in buyer interest attributable to the coronavirus outbreak.

However, nearly an equal number of members (45%) said that they believe lower-than-average mortgage rates are tempting buyers to shop around anyway, without any significant overall change in buyer behavior.

For those who are determined to buy a home, there is opportunity out there. In hot markets like Nashville and Brentwood, the changing landscape of buying and selling has enabled many buyers to snatch deals from those desperate to sell and uncertain about when the crisis will be over. And with fewer buyers out there looking, you may have less competition in your house hunt.

How the real estate industry has adapted to keep buyers safe

Although it’s a scary time to be out and about checking out real estate, it is still possible to do so and stay relatively safe. The industry has rapidly adapted, introducing approaches that minimize exposure to the virus.

For instance, many agents are now working remotely and conducting most of their business virtually. You can do almost every step of the buying and selling entirely online and virtually, from house hunting and going on fully digitized home tours, to closing and signing important documents.

View Hot Homes for Sale Under $250,000

New Listing - an hour online
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5
BEDS
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TOTAL BATHS
2,577
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3005 Palace Pl
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Regenwood Sec 3 Phase 4 Subdivision
New Listing - an hour online
$245,000
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6046 Sagi Cir
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The Cottages of Lavergne Subdivision
New Listing - an hour online
$
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2
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1,368
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New Listing - an hour online
$
Single Family Home For Sale
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3
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1
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2,156
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1003 Sulphur Springs Rd
Murfreesboro, TN 37129
 
New Listing - an hour online
$
Single Family Home For Sale
Active
3
BEDS
2
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1,554
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2509 Racquet Club Dr
Murfreesboro, TN 37128
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New Listing - 18 hours online
$249,900
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5316 Edmondson Pike #4
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1,248
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Murfreesboro, TN 37130
Lapetite Maison Condo Subdivision
New Listing - yesterday
$249,900
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TOTAL BATHS
1,224
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New Listing - yesterday
$
Single Family Home For Sale
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4
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3
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New Listing - 6 days online
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New Listing - 7 days online
$
Single Family Home For Sale
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3
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2
TOTAL BATHS
1,517
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707 Hazelwood Dr
Smyrna, TN 37167
Meadow Brooke I Subdivision
New Listing - a week online
$224,900
Condo For Sale
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2
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TOTAL BATHS
1,225
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1280 Middle Tennessee Blvd #G12
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New Listing - a week online
$
Single Family Home For Sale
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4
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103 Maple St
Smyrna, TN 37167
0 Subdivision
New Listing - a week online
$
Single Family Home For Sale
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3
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Murfreesboro, TN 37130
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New Listing - 2 weeks online
$
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3
BEDS
1
TOTAL BATH
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1304 Grantland Ave
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Clark Bros Prop Subdivision
New Listing - 2 weeks online
$
Single Family Home For Sale
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3
BEDS
2
TOTAL BATHS
1,417
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New Listing - 2 weeks online
$
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New Listing - 3 weeks online
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New Listing - 4 weeks online
$
Single Family Home For Sale
Active
5
BEDS
6
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