Buying a Home During the Coronavirus Pandemic

COVID has impacted countless business sectors across the country. Millions of layoffs, store and restaurant closures, and impacted supply chains have taken a massive toll on the U.S. economy. But not all sectors have come to a halt. While roughly 48% of real estate agents have seen a decrease in buyer interest compared to last year, 45% said that the market is tempting for some buyers because of low mortgage rates (according to NAR Flash Survey: Economic Pulse). The current housing market is in great shape for buyers – but will the virus prevent people from buying a home during a pandemic?

Realty Business Turns Virtual

Social distancing measures have forced realtors to reimagine how they support the buying and selling of homes. Open houses and consultations are now virtual, online house tours are more accessible, and safety precautions are being implemented for in-person showings. Once a buyer becomes interested in a property after viewing the online materials, sanitizing efforts such as the use of hand sanitizer and shoe covers help prevent the spread of germs. Realtors and lawyers are even implementing virtual closing agreements. These safety measures have allowed for buying a home during these uncertain times.

Logistics of Moving During the Pandemic

Many moving companies have switched to virtual move estimate technology. Like the realty sector, the moving industry is preventing all unnecessary contact. But if you do buy a home, moving day can be executed using health and safety protocols.

Read Carey Moving & Storage’s COVID-19 Response Action Plan to learn more.