Is it wise to buy a home during a pandemic?

It's been more than a year, the coronavirus broke out at the beginning of 2020, and by March of the same year, it has been declared a pandemic. The lives of so many have changed due to the pandemic in ways they had never imagined. Nowadays, people can no longer easily meet, work, eat, shop, and socialize as they used to just like in my line of work as a freelancer were in I usually attend events and meetings to different restaurants and hotels as a venue. The working world moved rapidly from business as usual to cautious travel, office closures, and work-from-home mandates. Instead of going out and enjoy to eat at restaurants, most of us now take the easiest and most convenient to stay safe from ordering food and be delivered. And most consumers across the world are tightening their purse strings to spend only on essentials primarily food, medicine, and home supplies, and getting these delivered much more often.

Before the coronavirus had a huge effect on our lives me and my partner had some pep talk about having to invest in property since we're renting as of the moment and though it may seem convenient we had come up with a more essential way of having our own home, but the pandemic has held up our hopes of having one and the truth is when we ever pursue again once the pandemic is over and the coronavirus is gone? Definitely!

Most industries have felt the impact of the Covid-19 pandemic, and the real estate industry isn’t exempted. After a year of intense battle against coronavirus, most industries are beginning to find ways to cope with its impacts.

The question is - Is it wise to buy a home during a pandemic? Whether or not it's wise to buy a home right now depends on your individual situation. Potential buyers may have to reassess their financial reach post-COVID-19. If you have lost your job or closed down your business during the pandemic you don’t have another source of income, it may not be wise to stretch yourself further by purchasing a home at this moment. But if your income is stable or has increased, estimating mortgage affordability based on the income you might be able to strike a better deal on home now than you could have just a few weeks ago. Though the coronavirus pandemic is unlikely to incite many fire sales any time soon, the market is beginning to experience some price adjustments. Buyers who aren’t attached to a particular home and are willing to explore different options may be able to negotiate with sellers for more favorable terms, such as longer payment terms.  

2020 has been a tough year for all. But, real estate investors have come up with effective strategies to help them stay afloat during this era. From putting in place health and safety precautions to embracing innovative strategies, the real estate industry has shown that it’s not ready to back out of the profit game.

Buying a home now during the pandemic or in the near future doesn’t necessarily have to abandon your efforts. By staying informed and working with experienced industry professionals, such as agents, attorneys, and financial advisors, you can still achieve your real estate goals with a few strategic adjustments.