Is It Better to Sell or Rent During COVID-19?
Owning your own home is one of the main parts of the “American Dream.” However, with COVID-19 turning the world upside down, you may begin to wonder if buying a home and making this big of an investment is really a good idea. You may also wonder if now is a good time to rent and see what happens with the housing market.
There is no question that things are confusing. You can check out this extensive guide to find out a lot of information about buying and renting, and you can learn more here.
When you understand the state of the economy and what is going on with the housing market, you can make an informed decision regarding if you should buy or rent your next home.
The State of the Housing Market
devastated much of the economy. Even though the total number of homes being sold has fallen during the pandemic, the prices have been somewhat stable. Part of this is due to a reduced inventory, with fewer people listing their homes for sale during the pandemic.
While this may seem like a bad thing, the fact is that people who want to sell are more motivated to do so. This means with a little negotiating, you can get a great deal on a home that you love.
There is another reason to buy. With COVID-19, more and more people are working from home. This means that workers do not have to worry about living close to their job. This gives them the opportunity to buy houses in areas they may not have been able to consider in the past.
The Appeal of Renting
Buying a home right now presents many upsides. While this is true, renting does not look too bad for many people, either. For example, in the typically expensive rental markets, such as San Francisco, the vacancies have gone up, and rend costs have gone down. This is a situation that real estate agents are calling “pandemic pricing.”
It is also important to note that most experts believe there is an end in sight for the pandemic. When this end comes in, the cost of homes may go up, especially in the busier cities, along with rents for units that are available. This means acting now may result in you being able to get a great deal.
What Option Is Right for You?
When it comes to buying or renting a home, there are benefits of both. You have to consider the option that is right for you and that works best for you. Take some time to evaluate your personal situation and what your short- and long-term goals are. This is going to help you decide which option is going to be best for you and your family.
Remember, if you want to buy, you need to take your time and find a property that meets your needs now, during the pandemic, and that will continue to meet your needs once the pandemic has passed. While this may seem like a big and difficult decision, by considering the factors here, you can decide if buying or renting is the best option for your financial needs and your goals. Being informed, knowing what to consider, and other factors will help you make the right decision, regardless of what you are doing now.