Is the coronavirus pandemic a good time to buy a home?
Nearly 45 percent of people said they'd consider buying new property, despite COVID-19 crisis
The Corcoran Group founder Barbara Corcoran discusses her outlook for real estate amid the coronavirus.
Now could be the time to buy an investment property, especially if there’s inventory at the right price.
When the coronavirus pandemic hit in mid-March, 48 percent of real estate agents noticed a plunge in buyer interest because of the outbreak, according to the latest National Associations of Realtors Flash Survey: Economic Pulse. But nearly 45 percent of people recently polled said that record-low mortgage rates are making acquisitions considerable.
More people are considering buying a home now despite coronavirus.
“Buying a home over renting makes absolute sense regardless of the pandemic, but it varies region to region,” JP Piccinini, a Texas-based real estate broker told FOX Business."New York City, for example, is most definitely a buyer’s market, but we’re starting to see more inventory in parts of the country like Dallas and Tennessee, Virginia and other parts of the South where it's still very much a seller's market.”
Home listings were down by more than 44 percent in April compared to the same time a year ago, according to data from Realtor.com. But Piccini says that’s changing and with fewer buyers on the market that means less competition for those set on buying a new property.
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“We’re starting to see inventory in most parts of the U.S.,” Piccini said.
The coronavirus has made it difficult for people to tour homes in person. And with the unemployment rate at a record high, Piccini says the decision to buy a home – whether you’re a first-time buyer or an investor – ultimately depends on your current financial circumstance.
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“You have to ask, ‘how certain you are about your future? How secure is your job? How is your personal security?” Piccini said.