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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

should i buy a house during the coronavirusSo 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 - 3 hours online
$239,000
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3
BED
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4125 Giacomo Dr
Murfreesboro, TN 37128
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1160 Tradition Trail (Lot 59)
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New Listing - 3 hours online
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Greenway Trail Cottages Subdivision
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$191,338
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2
BED
3
TOTAL BATHS
1,182
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1152 Tradition Trail (Lot 55)
Murfreesboro, TN 37130
Heritage Place Subdivision
New Listing - 9 hours online
$183,990
Townhouse For Sale
Active
2
BED
3
TOTAL BATHS
1,203
SQFT
4054 Saddlecreek Way (Lot 5304) #5304
Antioch, TN 37013
Old Hickory Commons Subdivision
New Listing - 9 hours online
$183,990
Townhouse For Sale
Active
2
BED
3
TOTAL BATHS
1,203
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4052 Saddlecreek Way (Lot 5303) #5303
Antioch, TN 37013
Old Hickory Commons Subdivision
New Listing - 9 hours online
$183,990
Townhouse For Sale
Active
2
BED
3
TOTAL BATHS
1,203
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4050 Saddlecreek Way (Lot 5302) #5302
Antioch, TN 37013
Old Hickory Commons Subdivision
New Listing - 12 hours online
$209,900
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,910
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7012 Old Nashville Hwy
Murfreesboro, TN 37129
Creekmont Est Sec 2 Subdivision
New Listing - 21 hours online
$249,900
Condo For Sale
Active
2
BED
2
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1,334
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6901 Lenox Village Dr #309
Nashville, TN 37211
Town Center At Lenox Villa Subdivision
New Listing - 22 hours online
$200,000
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Active
3
BED
3
TOTAL BATHS
1,560
SQFT
413 Wichita Dr
Smyrna, TN 37167
Southside Planned Developm Subdivision
New Listing - yesterday
$155,200
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
1,480
SQFT
5510 Country Dr #73
Nashville, TN 37211
Hickory Valley Condominium Subdivision
New Listing - yesterday
$234,900
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,305
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4233 Nandina Ct
Murfreesboro, TN 37129
Cherrywood Est Sec 4 Subdivision
New Listing - yesterday
$248,990
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
1,387
SQFT
3415 Brookberry Lane (Lot 63) #63
Murfreesboro, TN 37129
Spring Creek Subdivision
New Listing - yesterday
$209,900
Condo For Sale
Active
3
BED
2
TOTAL BATHS
1,134
SQFT
901 21st Ave
Nashville, TN 37208
North Nashville Subdivision
New Listing - yesterday
$229,900
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
1,440
SQFT
4316 Summercrest Blvd #1008 #1008
Antioch, TN 37013
Autumn Glen Subdivision
New Listing - yesterday
$217,500
Townhouse For Sale
Active
2
BED
3
TOTAL BATHS
1,348
SQFT
1756 Red Jacket Dr
Antioch, TN 37013
Barnes Crossing Subdivision
New Listing - yesterday
$215,000
Townhouse For Sale
Active
3
BED
3
TOTAL BATHS
2,027
SQFT
815 Beazer Ln
Antioch, TN 37013
Bell Forge Village Subdivision
Open House 06/06 at 2PM
Please verify times due to COVID-19
$249,900
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Active
2
BED
1
TOTAL BATHS
888
SQFT
262 38th Ave
Nashville, TN 37209
Valley View/Sylvan Heights Subdivision
New Listing - 2 days online
$139,900
Single Family Home For Sale
Active
2
BED
1
TOTAL BATHS
815
SQFT
424 S King Hwy
Murfreesboro, TN 37129
Robert Huddleston Subdivision
New Listing - 2 days online
$229,900
Townhouse For Sale
Active
4
BED
3
TOTAL BATHS
1,900
SQFT
3907 Cannonsgate Ln
Murfreesboro, TN 37128
Stonecrest Townhouse Subdivision