It’s safe to say that after COVID-19 we can expect some things to be a little bit different. This is in large because of the affect COVID-19 has had on people and their jobs, which has a domino effect on the housing market and so on. While this is not the best time for everyone to purchase a home, it may work in some people’s favor. From changes in pricing to changes in how the home buying process will work, there’s a whole new normal waiting on the other side of all of this.
Renting Will be More Prevalent
With the millions of job losses seen around the country, we can expect more and more people to stick with renting homes or apartments. Purchasing a home is very costly and is not always cut and dry. While you may have enough for a down payment and monthly mortgages, it may be hard to pay for home maintenance and utilities. With an apartment or a rental home, you do not need to worry about certain things such as damage to your home, as the landlord is the one responsible for fixing it. The more people who lose their jobs the more people are going to want to cut back and save money. In times like this, we do not have an exact end date or know when employment will rise back up. This makes for a lot of uncertainty and thus making renting a lot safer of an option.
Some Will Buy Second Homes
For those who have been saving money for a long time and are lucky enough to still be working, buying a home right now is a great idea. Or if you already have a home buying a second home is a great idea. This is especially true for those who live in areas that have been particularly affected by the virus such as New York City and New Jersey. Having a second home to escape to can keep you and your loved ones safer, especially if it’s in an area that is either more isolated or in a less affected state.
We Will Rely on Technology
Throughout the years we have become more and more reliant on technology to do tasks. This will become even more prevalent after the virus has slowed down and places are opening up. Technology gives us the ability to use our own devices to complete and do things for other people, making sharing pens and papers a thing of the past. Now more than ever are people going to be hesitant to touch anything that belongs to others. With the virus going on many have become scared of touching surfaces that could have particles of the virus on it. Luckily, technology is an efficient way to get a lot of things done and will no doubt make purchasing a home a more efficient process. We can expect to see virtual tours of homes, documents completed online, and Zoom used as a new way of having meetings with others.
Suburbia Will Become Popular
While suburbia has been popular in many areas around the country there’s no doubt that there are millions of people who prefer the downtown lifestyle. Living in a city usually sees people taking public transportation or walking, being in close-knit living areas, and being surrounded by a lot of people at once. With the virus affecting some of the larger downtown cities the most, it’s safe to say that many people are going to either move out of the city and decide that suburbia is more their speed. Cities are naturally going to be places where viruses spread because of how close in proximity you are to tons of people a day, making suburbia much safer in that aspect. Because of this city will be financially hurt and will need to raise the prices of living to make up for all of the losses. With city life being so expensive already this may be a large deterrent for many people who live in the city already or were considering making the move.
Have you been considering purchasing a home? Here at Ace Mortgage Loan Corp., we are here for you and all of your home buying questions. If you are unsure if now or later is the better time for you to purchase a home we will gladly help you get some answers. When you work with us you can expect a team dedicated to representing you. Give us a call today at (954) 777-4774 to learn more.