Before COVID-19, the single-family housing market in the U.S. was booming. Sellers were fielding multiple offers as buyers scrambled to find their ideal dream homes among limited inventory.
Now, amid social isolation, shelter-in-place orders, and quarantines, the housing market continues to be surprisingly strong, even as the economy struggles. First-time homebuyers have been able to find their ideal homes and to properly insure them.
However, the homebuying process has changed during the pandemic. As such, buying a home during COVID-19 requires ongoing preparations and careful decision-making during every step, to ensure that the discovery, negotiation, and closing processes — as well as putting into place the right homeowners insurance — have a positive impact on your financial well-being over the long term.
In this article:
- State of the Real Estate Market During the Pandemic