There are a few things we can count on to change frequently: Midwestern weather forecasts, a young child’s clothing choices and the housing market. And 2020 is filled with record-book changes.

The 2020 housing market started out strong, with the highest seasonally adjusted annual rate since February 2007. Existing-home sales increased 6.5% from January 2020 to February 2020 and all four regions in the U.S. saw home prices increase, which was great news for sellers.

Then the coronavirus hit, and the housing market changed.

 

2020 real estate trends: the pros and cons of buying or selling a home during a pandemic

While the home buying market has notoriously always been in flux, the coronavirus has had the biggest impact on home sales in history, as more than 44.2 million Americans have filed for unemployment benefits since safer-at-home orders rolled out across the country beginning mid-March. Check out a few of the pros and cons to consider if you are thinking of buying or selling a home in 2020.

 

Pros

Cons

Whether you’re moving to a new area, your family is getting bigger or you’re ready to downsize, you can still buy or sell a home during the coronavirus; the process just may take longer than in the past. If you are interested in entering the housing market as a buyer, connect with one of Verve’s Mortgage Architects to get a better understanding of the impact coronavirus may have on your search for a new home.