The coronavirus pandemic threw a wrench into just about everyone’s plans. Vacations were canceled, lesson plans were turned upside down and millions of Americans were suddenly out of a job.
If you were planning to buy a house in the near future, you might be questioning whether you should put that idea on pause, too.
“COVID-19 has definitely created special circumstances for homebuyers,” said Susan Moguel, marketing director at Arden, a real estate developer in Palm Beach County, Florida. “With numerous industries shuttered due to quarantine, the economic uncertainty caused by the pandemic forced many people to put their homebuying plans on hold,”
On the other hand, mortgage rates are at rock bottom. Plus, many homebuilders and developers are enticing buyers with special deals, such as discounted prices, waived closing costs, appliance upgrades, mortgage modifications and more, Moguel said. “Those in the market for a new home have a unique opportunity to take advantage of these opportunities during this time,” she said.
Even so, we’re still in the early stages of the pandemic, and its full effects are yet to be seen. If you’re fortunate enough to still be in the position to buy a home, here’s what you should know about buying during the COVID-19 crisis and how you can potentially get the best deal.
