In hindsight, buying a house in 2020 seems like one of the best financial moves someone could’ve made.
Rates were insanely low, prices hadn’t fully exploded yet, and a lot of people who bought then are now sitting on huge equity with mortgage payments that look impossible today.
But I remember during early COVID, people were legit terrified. It felt like the economy might collapse, layoffs were everywhere, businesses were shutting down, and nobody knew what the world was gonna look like 6 months later.
So why didn’t more people take advantage of that moment?
Looking back, why didn’t more people buy homes during early COVID?
byu/savingrace0262 inRealEstate
Posted by savingrace0262
8 Comments
You answered your own question.
> But I remember during early COVID, people were legit terrified. It felt like the economy might collapse, layoffs were everywhere, businesses were shutting down, and nobody knew what the world was gonna look like 6 months later.
We were afraid of being in public due to the virus!
There were a lot of side effects. Like you couldn’t find many inspectors. And some title co. wanted like only 3 people at the close so you couldn’t bring an attorney.
Wut
Why do you think rates were low? To give an incentive to buy because people were afraid or couldn’t.
Just because the iron is hot doesn’t mean you have a hammer.
I was mid transaction and had to get a UPS notary when only 1 person was allowed in the store since all the lawyer offices shutdown. I thought I was making the biggest mistake of my life at the time.