Normal sense decrees that the present COVID-19 pandemic situation when the prices of real estate are low would be the perfect time to purchase real estate, but these aren’t normal times. Although cut-backs in interest rates have been put into place to combat the economy’s downward trajectory, the real estate market still isn’t stable. Despite prices being low, this instability leaves homebuyers in a precarious position as to whether to purchase that dream home that they’ve always had their eyes on, but seemed just a bit far from their grasp, owing to budgetary constraints. 

While low-interest rates might seem like a sign from the heavens for eager homebuyers to go ahead and make purchases, there are numerous other factors that someone seriously thinking of doing so should consider first. This is purely because of the fact that the world seems to be in the throes of a recession that economists aren’t sure will end anytime soon. The effects of this political, social, and economic fallouts as a result of this cannot be determined. 

What homebuyers can do is be wary of the factors at play in the real estate market during this pandemic situation and make informed choices about whether or not they should buy a home, accordingly.

Opportunity Seldom Knocks Twice

If you’re someone who hasn’t been affected much by the economic fallouts of the COVID-19 global pandemic and your finances are in order, then you might be in a better position to even begin considering making a home purchase during this time, than someone who isn’t. Clever investors know how to strike when the iron is hot and take full advantage of opportunities. Assuming you fall into the category of a prospective real estate investor who has a secure job with a steady source of income, the present situation can seem like an opportunity to make full use of. Despite this, one should not fall into a false sense of security. Predicting the behavior of the economy is dicey, and assuming that your industry will remain safe from the fallout in the months to come, is not a healthy headspace to be in. 

Purchasing Property During The Pandemic Won’t Be Easy

After taking the above point into account, if you still feel like you’re in the clear and that you are in a secure enough position, financially, to purchase a home in a time when the pandemic is wreaking havoc on the economy and human life, you should understand that it still may not be that easy. Unless you’ve already identified a home, identifying one and coming to a conclusion isn’t going to be easy, especially considering the fact that social distancing measures are being taken very seriously. Checking out a home for sale, meeting with your real estate agent and others, can be quite dangerous in these times. Another factor to consider is that most home sellers are taking their homes off the market in the hopes of riding the wave and putting their homes back on sale after the economy is back on track and the real estate market is on the upswing again. If you do manage to find a home and strike a deal with the seller, finalizing the deal might take long because all government registration offices are either not functioning to their full capacities or are shut entirely. 

The Perks Include Less Competition

One of the biggest advantages for those who find themselves in better positions to contemplate purchasing a home is that the majority of their competition is out of the game. This means that those homebuyers who found themselves being hindered from finalizing their purchases owing to competing offers can now look to finalize the deal. Although there will still be some competition, it might not be as much as when the economy, as well as the real estate market, were thriving like they were until a few months ago. The dynamics in the buyer-seller relationship, where the seller earlier had the power to dictate terms, has now changed with the COVID-19 pandemic. This shift in power means that prospective home buyers will now have a better time getting exactly what they want.