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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 - 4 hours online
$229,900
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BED
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TOTAL BATHS
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1517 Destiny Dr
Murfreesboro, TN 37130
Providence Pointe Sec 1 Subdivision
New Listing - 5 hours online
$
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7177 W Buckeye Bottom Rd
Murfreesboro, TN 37129
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6006 Sagi Cir
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$219,900
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2811 Black Stallion Ct
Murfreesboro, TN 37130
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$
Single Family Home For Sale
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4
BED
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TOTAL BATHS
4,203
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26 Bosley Oaks
Nashville, TN 37205
Whitworth Subdivision
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$219,999
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2
BED
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TOTAL BATHS
1,487
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4008 Rhythm Dr
Smyrna, TN 37167
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New Listing - yesterday
$219,000
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2
BED
3
TOTAL BATHS
1,530
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932 Wolves Den Pl
Murfreesboro, TN 37128
The Villas At Indian Creek Subdivision
New Listing - yesterday
$154,900
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2
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2
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2548 Oak Hill Dr
Murfreesboro, TN 37130
Oak Hill Resub Subdivision
Open House Sat, Oct 31, 1 PM
Please verify times due to COVID-19
$250,000
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2
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926 Temple Ct
Murfreesboro, TN 37130
Green Pastures III Subdivision
New Listing - 2 days online
$247,990
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3
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1,487
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1487 Deerchase Circle
Murfreesboro, TN 37129
Spring Creek Subdivision
New Listing - 3 days online
$234,900
Single Family Home For Sale
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3
BED
2
TOTAL BATHS
1,196
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3005 Mesquite Dr
Smyrna, TN 37167
Westfork Sec Viii Subdivision
New Listing - 3 days online
$239,990
Townhouse For Sale
Active
3
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1387 Deerchase Circle
Murfreesboro, TN 37129
Spring Creek Subdivision
New Listing - 3 days online
$234,990
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3
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1621 Tolkien Lane #77
Murfreesboro, TN 37128
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3
BED
2
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Murfreesboro, TN 37129
Summer Valley Sec 2 Subdivision
New Listing - 4 days online
$170,000
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3
BED
2
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La Vergne, TN 37086
John & Roberta Howse Subdivision
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Nashville, TN 37211
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Nashville, TN 37211
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$224,900
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3
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