Is it the right time to buy during the pandemic?

Norton Hammersley Real Estate Law

To say COVID-19 has impacted the market is an understatement but the big question may be Is buying a home in the wake of the COVID-19 pandemic a good idea?

It depends! Due to historically low interest rates buying a home might be a wise choice and the right thing to do even now. If you have the desire to move, and you find a home that seems right for you as well as job or financial stability then it’s for sure a buyers market.

This could also hold true for those looking to purchase an investment property. Almost 10 years ago, the housing crisis gave investors a unique opportunity to scoop up properties at extremely low prices and finance them with also historically Low interest rates.

The government is using the CARES Act to stabilize the housing market to provide the American people with access to cash and deferring of mortgage payments. That being said many Americans simply won’t have enough money and could have to walk away from their properties leaving the door open for wise investors.

Buyers closed on 1,492 existing single-family homes in the Sarasota-Manatee region in March, a 6% increase from 2019 during what is traditionally one of the strongest selling periods of the year, according to data released Tuesday by the Florida Realtors trade organization.

“The market has slowed in response to COVID-19 but has by no means come to a halt,” said David Clapp, president of the Realtor Association of Sarasota and Manatee. “New pending sales have decreased year-over-year, but they have not declined enough to cause concern.

Fortunately, the real estate market is less vulnerable to irrational, panic selling than the financial markets. In a world of uncertainty one thing hasn’t changed and that is everyone needs a place to live and Sarasota and Manatee County is still an attractive place to live, work and play.

Norton Hammersley can help guide you through the legal process of acquiring new property. Our real-estate practice group provides comprehensive legal representation to individual and corporate clients in the acquisition, development and sale of residential and commercial real property, leasing and financing of single-family homes, multi-family projects, residential subdivisions, hotels, office buildings, condominiums, shopping centers and other real-property developments throughout Sarasota and Florida.