The coronavirus pandemic sent shock waves throughout the real-estate industry. But does that make now a good time to put in an offer on a property?
The answer to that question will largely depend on what you plan to do with the home — particularly if you’re an investor.
But finding homes at a good price could be something of a challenge.
When the coronavirus pandemic began to trigger stay-at-home orders across the country, it upended the home-buying process.
The answer to that question will largely depend on what you plan to do with the home — particularly if you’re an investor.
But finding homes at a good price could be something of a challenge.
When the coronavirus pandemic began to trigger stay-at-home orders across the country, it upended the home-buying process.
Deals Are Still Available, But Beware the Bidding War
There was a pandemic sweet spot when the market stalled, but right now, many houses are going to the best and highest offers ---houses offering wide open spaces are going for $50,000 or more above the asking price—and are typically bought in cash.Proceed with caution if you find yourself in the midst of a bidding war. The supply of homes for sale in the U.S. has fallen to the lowest level since 2012. These conditions are associated with a ‘seller’s market’ and tend to drive higher prices. But overpaying for a house now will make it nearly impossible for you to turn a profit when you move out some day in the future.
