Myths about renting during and after COVID

The year 2020 has been one filled with constant change and disruption of the status quo that has proven quite discombobulating. This variance from the norm—caused directly by the current Coronavirus pandemic—has also affected the real estate market. The ramifications of this shakeup in the real estate world have deeply affected the majority of all Americans, especially those renters who are age 35 and under.

DomiDocs knows how disconcerting the feeling of uncertainty can be amid this season of constant flux. The good news is that as Americans—in the face of so many future unknowns—seek to navigate their way forward and determine the smartest choices for their housing needs, DomiDocs is here to help.

To Rent or Not To Rent?
That is the question burning on the minds of most Americans currently renting. While the vast majority of renters will relate their decision to remain leasing versus owning to the belief that it is more economical and they “simply can’t afford” to buy, the post-COVID landscape of the housing market has completely changed. Bottom line: This mentality doesn’t fly anymore.

Why? Let us count the ways
Following an initial, drastic drop in activity thanks to COVID’s arrival, numbers show that the real estate market is heating up. There are many reasons the nation is buying real estate, including the fact that mortgages are at a record low (currently hovering just over 3%). This is a real game-changer, as obtaining a loan is now an actual option for current renters to become buyers, when before it may have felt this was an impossible idea. And with such low rates, mortgage payments can finally be on par with current rent payments.

Fear of Missing Out
Yet another factor fueling the positive support behind buying versus renting is the ever-increasing gap between supply and demand. With fewer homes currently available to choose from, demand is increasing among buyers. The fear of missing out is alive and well right now, making now an ideal time to make your literal move and finally take the plunge toward homeownership.

Home of Ones Own
Famed novelist E.M. Forster wrote an entire novel praising the essential human desire to have a “room of one’s own.” Mirroring that shared sentiment, the stay-at-home orders and increased time spent at home (working, homeschooling, etc.) by Americans make the idea of homeownership much more desirable. At the end of the day, Americans are realizing how important their home is to them, and they want to own it! This also protects you from having any unexpected rise in rent, an aspect that is especially important amid the current economic recession.

Overcoming Feeling Overwhelmed
While the above reasons make it clear that buying is the smartest decision for most Americans right now, many people are overwhelmed by the mere thought of what to do after they purchase the home. Here is where DomiDocs provides education and digital tools to manage your home for years to come. It does not have to be stressful, as DomiDocs creates an organized and simplified approach to homeownership providing you with:

  • Access to a user-friendly, digital platform that enables homeowners to utilize the best of modern technology and pro-active tools, including recommended maintenance, a vendor directory and integrated calendar features. 
  • A safe and secure way to effortlessly store and share all necessary information and documents related to your home.
  • From the first day of homeownership, continuous online support for homeowners for all their current home documentation needs.

As you make one of the most important decisions of your life, take great solace knowing that your choice to take the leap toward homeownership doesn’t have to be made alone. DomiDocs is here to support and help you, ensuring that everything that comes along with owning a home is safely guarded and secure.

Author: Andy Beth Miller