Right now, buying a home may be the farthest thing from your mind, especially with a possible recession on the way–and no one can blame you for that. The Coronavirus has affected multiple industries, including real estate. Maybe you were in a prime position to buy a house before the pandemic, but now you aren’t sure if you should go through with your intention. Here at Jerrold & Co., we want to ensure that you have all the information necessary to understand how and why it’s a good idea to buy a home during a recession.

Less Competition Because a Recession Could be Near

Anxiety related to the pandemic could infiltrate various facets of your life, including your attempts at becoming a first time homeowner. This is true for potential buyers everywhere. One advantage of this fact is that you’ll have less competition when looking for and making an offer on a home you like. You can bet on buyers flooding the market once the quarantine is over, which may give you even more competition than you had before.

Protective Measures For Home Buying

home buying during a recession or pandemic safety precautions

Real estate agents understand buyers’ reluctance and concern about the virus, which is why they have taken measures to protect home buyers. For instance, you can set up a virtual meeting with a realtor rather than meet face-to-face. Just as you could see images of a home and take a virtual tour without leaving your house, you can still do the same now.

Understandably, you want to physically see a home before you make an offer. You can still do so.

Many real estate professionals provide hand sanitizer and shoe covers to protect those who want to physically tour a property. If the real estate agent hasn’t already done so, you can ask him or her to open all doors and closets so you don’t touch more surfaces than necessary. Should you like to make an offer on a specific property, finish the closing process remotely rather than in a conference room.

Timing the Market 

No matter if there’s a recession or a pandemic, you cannot predict the real estate market. Currently, you could get lucky and lock in a low interest rate on your home loan. Of course, you can wait until the end of quarantine to resume your search, but by then, rates may bounce up because of borrowers refinancing their loans.

Personal Decision 

first time home buyer during coronavirus - houston tx realtor - jerrold & co

You have plenty of advantages to buying a home right now, but you still need to ask yourself a few essential questions, no matter the current state of the world. For instance, have you saved up enough money to budget a mortgage right now?

While you may not have as much competition and may lock in a low-interest rate, you still have to keep up with your mortgage payments. If you cannot work right now, you may not have the same income as you did when you created your budget to prepare for being a homeowner with a steady job.

Buying home during a recession can be quite advantageous if properly navigated.

Contact Our Team of Houston Realtors Today!

No matter if you feel ready to buy your first home right now or not, Jerrold & Co. is here for you. Reach out to our team of Houston realtors if you have any questions. Call us at 832-377-0812 to get started or complete the form by clicking the button below.

Should You Buy a Home If a Recession Is Imminent? | Jerrold & Co. – Houston, TX