10 Questions to Ask Yourself as You Consider Buying a Home in San Diego During the Coronavirus Crisis
You were planning to buy a home in San Diego in 2020, and then we got hit with the Coronavirus Crisis.
Everyone's lives are seemingly being turned upside down as we deal with government-issued social distancing measures, a global healthcare crisis, and a whole lot of uncertainty.
You are now wondering whether or not to continue your home search. I get it. All my clients (and I) are going through the same thing with you right now...
I've bought three homes of my own in San Diego over the past ten years, and as an Exclusive Buyer's Agent (since 2008), I've helped hundreds more with their own home searches.
Here, I'd like to begin sharing my thoughts on how to handle this crisis as a potential homebuyer.
There is no right-or-wrong (one-size-fits-all) answer as you consider how to handle this decision. Everyone's situation is different.
One thing I know is you want to make a decision that you will still be happy about a year from now, and my goal with this blog post is to help you identify the questions that will help you make a more thoughtful decision.
See Also: 5 Ways the COVID-19 Crisis is Affecting the San Diego Home-Buying Process
Here are the questions I recommend you consider as you decide whether to continue your home search OR put it on hold until the coronavirus pandemic is over:
10 Questions to Help You Decide Whether or Not to Buy a Home in San Diego During the Coronavirus Crisis
1. First things first, are you (and your loved ones, neighbors, and friends) prepared with the necessary supplies (food, medication, etc.), AND are you doing your part to help flatten the curve - following recommended social distancing guidelines, etc.?
2. How confident are you that your job is secure?
3. How long do you plan to keep the home you are buying (what's your long-term plan)?
4. How much are you spending to live where you do now (how much will you spend on rent if you wait a year or two to buy)?
5. How attuned to your local market are you (are you able to identify when a home is a good match for you AND listed at a fair price)?
6. How do you feel about dealing with the added anxiety that comes with any normal purchase transaction in the middle of this crisis?
7. How much of a gambler/risk-taker are you?
8. If home values decline by 10% or more in the next 12 months (maybe they will, maybe they won't), will you be upset with yourself one year from now that you didn't wait to buy?
9. Are you ready for the responsibilities of home-ownership?
10. Have you found a home that you love (you'll be happy living there) AND that you can afford?
If you would like to discuss these questions or anything else with me, I'm just a phone call away (and I look forward to hearing from you).
If you decide to continue your home search, there are going to be several things you will need to consider as you navigate the changing real estate landscape. I recommend that you work closely with your Exclusive Buyer's Agent to make a plan.
Also Read: How is COVID-19 Affecting the Home Buying Process in San Diego?
Also Read: 5 Reasons to Hire an Exclusive Buyer's Agent
Also Read: What's Included in Globella's Free Buyer Strategy Session?
Also Read: How Exactly Does a Buyer's Agent Get Paid?
Also Read: What is an Exclusive Buyer's Agent (EBA)?
