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Buying and selling a home during a pandemic

This is a thought that we are sure has hung heavy on the minds of many who were considering buying or selling real estate in 2020. You planned for months, prepared, saved, and searched but now what to do?

 Should you put your house on the market?

 Should you continue your home search and make a purchase?

These questions loom heavy, among many others on the minds of Americans during these uncertain times. According to a recent New York Times article on the topic, the housing market has not been affected by the COVID-19 outbreak yet. There is a deluge of news that points to the fact that this pandemic could affect every industry.

With so much uncertainty, there is one thing the New York Times article points to that is for sure, “Everyone needs a place to live…” Adding, whether they are moving for a job, to be closer to loved ones or making room for new family members. Life moves on and because of this real estate will continue to chug ahead.

The article goes on to site several case studies. One is a couple planning to sell their home this year, and move to a new home that they are building. According to the article, they decided to list early, in hopes of catching a buyer before they have second thoughts.

The other stories revisit couples that purchased during the 2008 market crash, when the S&P 500 lost half its value at the peak of the crisis. If you are still considering a move in 2020, read their stories to see where they are today and their thoughts about buying when they did. Then weigh the pros and cons of pursuing your real estate goals this year.

Remember, if you are thinking of making a move, a real estate agent can be a great resource to discuss the local market with and next steps. As we’ve said a lot this past week, “it takes a village” and we are here to support our village, including past and future clients, any way we can.