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.
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!