Coronavirus 2020 – Why Now Is a Great Time to Buy a Home
The housing market has gone through major shifts in recent years, but buyer demand has remained surprisingly strong. While many expected home sales to slow dramatically during periods of economic uncertainty, the opposite happened in many areas. Low interest rates, lifestyle changes, and shifting priorities created a unique window of opportunity for homebuyers.
Why buyer demand stayed strong
One of the biggest drivers behind continued buying activity has been historically attractive interest rates. Lower rates reduce monthly mortgage payments long-term, making homeownership more accessible—especially for renters who have faced rising rents year after year.
Many renters also began rethinking apartment living. Shared spaces, close proximity to neighbors, and limited outdoor areas encouraged families to look for single-family homes with yards, extra rooms, and more privacy. A home with flexible space became more valuable than ever.
Why some buyers turned to suburban areas
Another trend has been the increasing appeal of smaller cities and suburban communities. These areas typically offer more space, less crowding, and more affordable home prices compared to larger metro markets. In many cases, buyers discovered they could purchase a significantly larger home while keeping their budget the same—or even spending less.
How financial assistance impacted homeowners vs. renters
Federal and state relief programs helped homeowners maintain stability during uncertain times, while renters were often more vulnerable to income loss. Because a larger percentage of renters work in industries heavily affected by economic slowdowns—such as retail, hospitality, and service—many struggled with rising rents or reduced hours. Some took the opportunity to save for a down payment while living with family or reducing expenses, paving the way toward future homeownership.
Less competition for available homes
While some buyers chose to pause their home search temporarily, others who felt financially secure benefited from fewer competing offers. Home prices overall held steady, but buyers active in the market often enjoyed a calmer, less competitive environment compared to typical peak seasons.
How builders adapted to new buying needs
Homebuilders quickly shifted the way they served customers by offering virtual tours, private appointments, and digital communication options. Platforms like Zoom, Google Hangouts, FaceTime, and Facebook Messenger Rooms became essential tools for safe home shopping. These more personalized, low-pressure options often made the buying process easier and more convenient for families.
We're here to help you find the right home
At Ernest Homes, we remain committed to helping buyers find the home that fits their needs—whether they prefer virtual tours, private showings, or in-person visits. As an essential business, our team is always here to assist you and answer your questions about home buying, financing, and available move-in ready homes.
Ready to explore your options? Call us at (912) 660-9673 or contact us online. We look forward to helping your family take the next step toward homeownership.
