Coronavirus makes for good time to buy home

Coronavirus makes for good time to buy home

ATLANTA — Prior to the coronavirus outbreak, the metro Atlanta area was in the midst of its hottest residential real estate market.

People were bidding up houses and houses were often selling in days, rather than weeks or months.

Lex Rickenbaker and his family are really bucking the trend, in what is probably the most unusual home transaction environment of a lifetime, where his family is both buying and selling a home.

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“Right now, we are supposed to sell our current house next Tuesday and buy our new house at the end of next week as well,” Rickenbaker told Channel 2’s Justin Farmer.

It certainly creates more virtual efforts, but Rickenbaker said the financing money to be saved right now is worth it.

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“The mortgage rates are attractive right now and although it’s a weird time due to coronavirus, the opportunity to lock in low rates is attractive,” said Bonneau Ansley, founder of Ansley Atlanta Real Estate.

Ansley said Rickenbaker’s conviction is rare at present.

“Coming off the best quarters we've ever had, we are anticipating the third and fourth quarters to be our worst,” Ansley said.

But Ansley is acting now, using all of the fruits of technology such as virtual home tours using FaceTime or similar can prove to be smart.

“This is the right house at the right time and interest rates are really low and this works well for his family,” Ansley said.

Ansley added that people should only act within their safety comfort zones, and once the all clear is given, he expects immense activity for the metro Atlanta area.

“I anticipate pent up demand. The fundamentals are attractive and inventories are very low -- fundamentals are great,” Ansley said.

Ansley said with Atlanta’s overall diverse economy, he expected the housing market to heat right up once we get on the other side of the coronavirus outbreak, but when that will happen is up in the air.

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