You Should Buy a Home During the Pandemic, Here’s Why

Posted by Lauren Spencer on Wednesday, May 6th, 2020 at 9:56am.

buying a home in santa cruz during a pandemic

It’s become somewhat cliche, but these are certainly unpredictable, and unprecedented, times.

Springtime is traditionally the start of the hot selling season in real estate markets across the United States, but of course, Spring 2020 is anything but ordinary.

Communities affected by the COVID-19 pandemic have gone to varying degrees of shut down, with many businesses closing completely, while others have had to significantly change the way they operate.

With all this going on and many jobs being lost, it’s not surprising that many may be a little hesitant to jump into the real estate market.

It’s Actually a Great Time to Buy

Despite what you might think, it’s actually a uniquely great time to buy.

A number of market conditions have all come together to create a kind of perfect storm - to your benefit as a buyer.

Right now, due to the uncertainty in the marketplace there are actually less buyers out there. This means there is less competition making offers on your Santa Cruz dream home. This same uncertainly is also affecting sellers, making them more motivated and more likely to accept your offer.

Also, if you’re looking to keep your money safe, there are few better, more stable investments then real estate. Mortgage lending rates are also extremely favorable - they are lower than they’ve been in years!

But, Don’t Delay

The current softening of the market isn’t likely to last long. You’ll have to take advantage soon before this window slams shut!

There’s less competition now, but local and state governments, such as those in our very own Santa Cruz, are already planning a return to normal.

While real estate sales nationwide are expected to be down by up to 60% this selling season, home prices aren’t expected to be impacted very much and will likely see a much quicker recovery.

Therefore, we are likely to see a strong rebound in the market once this is all over (and it will be over). Pent up demand could then manifest itself through even higher sales prices than before - all the more reason to act now before it's too late!

Stay Safe Out There

Restrictions have recently loosened for some local industries, but we still have to remain vigilant to keep those most vulnerable in our community safe.

We take this duty very seriously.

Local shelter in place orders for Santa Cruz have restricted the way real estate transactions can be completed - only small gatherings are allowed, and open houses are basically not a possibility right now.

Luckily, technology has made it possible to go through essentially the entire process of buying a home virtually. Docusign, video conferencing and 3D / video tours have all made it possible to complete each step of the real estate transaction as if you were there in person - all from the comfort (and safely) of your home.

The process may be a little different than what you’re used to, but if you want to take advantage of the uniquely advantageous Santa Cruz real estate market conditions, get your home search started now. We’re here to guide you through this weird and wonderful new process.

The times may be a uncertain and confusing but the process of buying your new home doesn’t have to be.

Are you interested in entering the Santa Cruz real estate market? Please contact Lauren Spencer online or call 1.800.226.4717.

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