Is It The Right Time to Buy?
Updated: Nov 27, 2022
In March of 2020 the world as we knew it was brought to its knees by COVID-19. Schools sent children home indefinitely, and businesses closed their doors, streets and highways looked post-apocalyptic. Unprecedented measures were taken to keep our communities safe.
But, eight months later a new normal is emerging. We have reconnected with nature to be able to socially distance ourselves from others, we are spending quality time with people we care about, and we are tackling the endless list of projects and home improvements we’ve been putting off due to the typical hustle and bustle of life.
With all those home improvements or projects completed (or realizing some are above our ability) a logical next step for many is wondering if it could be time to upgrade, downsize, relocate… or even buy for the first time. Google searches for “how to buy a house” have increased by 950%, indicative of the desire to get settled into a home even during somewhat unsettling times.
As of August 2020 mortgage interest rates are at an all time low, prompting people who have dreamed of owning a home to take first steps towards that dream. It’s also motivating homeowners to refinance or find a home that better fits their needs. Mortgage buyer Freddie Mac recently reported that the average rate on a 30-year loan stood at 3.13%. It is the lowest rate since Freddie began tracking rates in 1971. A year ago, the rate stood at 3.73% which illustrates just how much has changed in the mortgage industry.
Some other good reasons to buy right now include:
Virtual tours and safety measures. Viewing homes from the comfort of your sofa is a great first step to narrow down or eliminate homes from your list before you venture out to see them. Hand sanitizer and shoe covers have become an industry standard to protect buyers and sellers from unwanted germs.
Low interest rates. As mentioned above, we are seeing the lowest interest rates in modern history. That is motivation enough for many buyers.
More home choices. Not everyone is in a position to buy or move right now, so people who are qualified and ready have their pick of available properties.
Motivated Sellers. Circumstances have changed for countless people and they are needing a home that works better for their current situation. The motivation to sell benefits sellers that are ready to jump at the home of their dreams.
While buying a home during a pandemic comes with its own unique set of obstacles, none of them are large enough to stand in the way of the goal when you’ve got a knowledgeable and trustworthy agent by your side. Happy Hunting!