Is Now a Good Time to Buy?

Navigating the Housing Market through the Pandemic

What is traditionally the peak of the home-buying season was upended this year by COVID-19, making this season anything but normal. The real estate industry had to adapt to social distancing rules by canceling open houses and in-person showings, making it difficult for potential homebuyers to tour homes. At the same time, millions of Americans have had to adjust to a new normal as well.

Purchasing or selling a home in the middle of the pandemic has its obstacles, however it is possible. In fact, one of the best reasons alone that makes now such a great time to buy is that mortgage interest rates are historically low. This means your monthly housing payments will be lower and how much home you can afford increases.

Buying Considerations

Ultimately, when it comes down to whether or not someone should be purchasing a home during this pandemic, it depends on your life circumstances. If you have a flexible closing timeline, the required down payment, solid job security, and you’re in the market, you should definitely take advantage of the low rates. First-time home buyers are at an advantage as well since they won’t have the added pressure of selling your current home

If you are interested in looking at your options today contact one of our Loan Officers and we would love to help you start your journey!

Related Articles

2024 Conforming Loan Limits

FHFA Announces Conforming Loan Limits for 2024

Baseline Conforming Limit Will Increase to $766,550 FHFA Announces Conforming Loan Limits for 2024 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance ...
Read More →

Mortgage Soft Pull for Stress-Free Home Shopping

Welcome to George Mason Mortgage – Your Key to Stress-Free Home Buying! Are you ready to embark on your home-buying journey? We believe that knowledge ...
Read More →

Federal Home Loan Bank (FHLB) of Atlanta provides Grants for Community Partners and First-Time Homebuyers

Opening Doors for More Homebuyers George Mason Mortgage understands that saving money for a down payment and closing costs is one of the most challenging ...
Read More →
Out of This World Rent

Rent prices out of this world?

At George Mason Mortgage, we understand the challenges you may be facing in today’s housing market, and we are here to empower you with viable ...
Read More →
Maryland Smartbuy Program 3.0

Achieve Your Dream Home and Tackle Student Debt with Maryland SmartBuy Program 3.0

Are you a Maryland resident dreaming of homeownership but burdened by student debt? The Maryland SmartBuy Program 3.0 is here to help you turn that ...
Read More →
Gifts Grants and Affordable Seconds - Horizontal

Unlocking Opportunities with Gifts, Grants, and Affordable Seconds

GIFTS Take advantage of the generosity of your loved ones or community organizations! This allows you to receive financial assistance from eligible donors to use ...
Read More →
Scroll to Top