As the residential real estate market saw a drop during COVID-19, will we see house prices go down?. Is it a good time for homebuyers who have enough money saved for the downpayment to get a house? Will there be less competitive bids on a house/apartment?
Will house prices go down due to Covid-19? Is it a good time to buy a house?
- 2 replies
- last reply by Good2bme April 14, 2020
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The prices will not necessarily go down. At least not right away. There might be a wait and see period to see how the market goes. There is less on the market right now as sellers are hesitant to put anything out there with few buyers. With fewer buyers, you will probably see fewer offers and competition. If you have the funds and the credit score to go for a house and you see something you like it may not be a bad idea to go ahead and buy. Just be aware that the process may go a lot slower with limited ability to inspect properties in person and personally meet with people due to social distancing.
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I think now is a great time to buy! Interest rates are low. Pricing may not be lower, but you never know. Sellers may be willing to negotiate more than ever with fewer buyers.
