3 Reasons You Should Buy Real Estate During the Pandemic
2020 has been challenging, to say the least. One of the biggest issues that we’ve seen is how many people are moving—more specifically, moving to the suburbs and out of the big cities. This is due to a dramatic shift we’re seeing in real estate and the way people think about where to live.
It may seem hard to believe, but despite everything going on in the world, right now is actually one of the best times you could buy real estate. Here are three reasons why:
1. Current Homeowners Are More Motivated to Sell
Even though I recently posted an article talking about how real estate prices were going up in the Bay Area, I am still noticing that many sellers are extremely motivated—especially older people. It seems like many homeowners in urban and more densely-populated suburban areas want to escape the insanity of where they live for something quieter, more peaceful, and more remote. As a result, sellers are not dragging out price negotiations as much as they used to. If you’re looking for a quick and easy transaction, now is the time to get moving!
2. We’re Realizing the True Value of Our Homes
Beyond the fact that people are feeling “stuck” in their homes during the pandemic and are thinking of upgrading, I think it’s hitting something deeper: Our homes have truly become our safe places during these uncertain times. In my opinion, this pandemic has been one of the greatest unintentional PR campaigns for the value of the home. People are becoming more and more willing to invest in their homes, push their budgets a little bit more than they normally would, and want to make their home their peaceful bunker away from the insanity outside.
3. The Home Has Now Become the Office
The majority of us—besides our heroic frontline and essential workers—have found ourselves working from home every since the lockdowns started way back in March. If you’re at home and need to work, it’s not very convenient being forced to do so from the couch, kitchen table, or somewhere else. If square footage is limited in your home, it’s tough to find yourself a proper workspace. This is doubly true if you have a partner, kids, or pets.
It’s clear that our new work-from-home culture is here to stay and not going anywhere anytime soon. As a result, people need more space. Thankfully, upgrading your living situation to something with, say, an extra bedroom that can be easily converted to an office has become a far more realistic prospect. Besides, the extra investment you put into upgrading where you live actually has a hidden financial incentive: If your home is also your office, you can claim a portion of your mortgage on your taxes as a home-office deduction. So, you won’t end up spending as much as you initially though.
Yes, this pandemic has thrown a wrench into our plans, but there are some silver linings here (at least on the real estate side) that you should take advantage of if you can.
Get in touch with me at (510) 304-2121 and let me know if you need help buying or selling your home!