Should you buy a home during the COVID-19 coronavirus pandemic? How the coronavirus quarantine is affecting the real estate market.
It’s Ty Wilde with a video for those of you who’d like to understand how the Coronavirus is affecting real estate. There’s a lot of confusion & I know that many of you are looking for some solid answers. So, I’m going to break down what kind of impact the COVID-19 Coronavirus pandemic is having on the real estate industry & answer the question, “Should I buy a HOME during the coronavirus outbreak or should I wait?” I’ll also answer the questions for those of you who are wondering if now is the time to sell your home. I’ve pondered & prayed about how I can help those of you who want to buy a home & for those of you who are already in the process. Buying a home is a huge decision & these are uncertain times.
Watch my video, Is the Housing Market Going to Crash? Here's the link - [ Ссылка ]
First I’ll speak to those who are wondering if the Coronavirus pandemic makes right now a good time to buy or invest in real estate. The big question, “Should I buy a home during the coronavirus outbreak?”
The answer is NO if you’ve recently lost your job or your current employment is in jeopardy. Unless your spouse or significant other is still making good money & they can qualify for the home without you. That being said, in times of uncertainty, like we are experiencing right now, you’ll want to make sure you have plenty of cash in reserves.
If your job is stable & you have plenty of money to buy a home, the answer is yes. Why? Because in many locations around the country Realtors are saying they don’t remember there EVER being a better time to buy because home prices are down, mortgage rate are low, there’s an excess of homes on the market & there’s little competition. And, in many locations, your monthly mortgage payment will be less than rent. The best time to buy a home is during a depression or recession or in this situation an outbreak of epic proportions.
Just like the stock market if you buy when it’s low, there’s a much better chance to make more money. Or in housing terms build more equity. Many who bought stocks & homes during the great depression became millionaires. Just over a decade ago our nation suffered through a recession. Similar to the Great Depression, those who purchased stocks & homes have made incredible money.
If you’d like to understand how owning a home can lead you to financial freedom, watch my video How Buying a HOME Builds Wealth. Here’s the link... [ Ссылка ]
If you’re a 1st time home buyer & your finances are stable & job secure, this could be the opportunity of a lifetime. If you’re looking to buy your 1st property, you’ll want to watch my video, Real Estate for Beginners. Here’s the link… [ Ссылка ]
The more pressing question may be, should I buy a house right away, or should I wait until the dust settles? This is not an easy answer because home prices will probably continue to decline until we beat the Coronavirus. But, if you wait until the quarantine is lifted, you may suddenly & quickly find yourself in a scorching HOT market where home prices are being pushed up due to multiple offers. Why? Because this is normally the time of year when loads of people are out buying houses. There’s going to be some pent-up demand. There was a shortage before the COVID-19 outbreak. In many areas of the country, there will still be a shortage when we come out of this. Because it’s difficult to time the market, you could miss out on an incredible money saving opportunity if you don’t act soon. One fear is that due to the widespread panic, social distancing & shelter in place is that many people who were planning to sell their home & move up to something bigger will decided to stay put. That will equate to lower inventory of affordably priced homes on the market.
For those who are wondering, “Should I sell my house?” Well, if you don’t need to sell your home, I’d wait. You don’t want to expose yourself or your family unnecessarily to loads or strangers, many of whom aren’t taking the coronavirus seriously. Also, home prices have fallen & at least in the near future, they will continue to do so. And, there’s not a lot of buyers in the market right now. The process to sell your home may take longer & you’re likely to make less. In a few months when things normalize, the market should heat up.

Ty Wilde aka Ty the Real Estate Guy
801-995-2337
TyWilde7@gmail.com
Wise Choice R.E.

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Ty Wilde is Utah's best real estate agent on YouTube with 100's of real estate videos. Ty is Utah's best Realtor on YouTube for New home construction videos. Ty has some of the Best Videos on buying a home, selling a home and Real Estate investing.

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