COVID-19 has been the topic of discussion for over 2 months now. This has made potential home buyers wonder if it is the right time to buy a house. Showings may be complicated or even shown virtually and attending an open house is out of the question. So why is now a good time to buy a house? Since the beginning of 2020, we have seen more people buying houses. According to Mortgage Reports, February shows the highest jump in home sales in the last 10 years. We present 3 reasons why it is a great time to buy a house, even during a pandemic.
Interest rates are as low as ever!
We have seen interest rates fall down to ridiculously good rates. This is giving a larger scope of buyers, leading to potential new home buyers purchases. If you are financially secure and can qualify, this is a great opportunity! According to Bankrate, mortgage interest rates are as low as 3.2% for a 30 year mortgage.
See houses through social media
Social media platforms such as YouTube, Zoom, Facebook, Instagram, and Twitter are all great for buyers to see if the house will work for them, even before stepping through the door. People are already on social media, this is not a big transition. With virtual tours being a thing, buyers can see everything they need to rule out the house. If you fall in love with the home virtually, then take a trip out with your agent to see the home (But, don't forget your mask).
Usually, this time is the busiest for our real estate agents. Buyers tend to buy in the summer according to a number of factors. According to Selling A Home In Summer: Get The Price You Deserve By: Paul Esajian, People like to move in the summer because their kids are off of school. Moving during the school year is more hectic and stressful. He also mentions that tax season is finished and people have their tax refund, meaning more capital.
Esajian, P. (2017, June 6). Selling a Home in Summer: Get The Price You Deserve. Retrieved May 5, 2020, from https://www.fortunebuilders.com/selling-a-home-in-summer/
Is it STILL a good time to buy a house? (2020, April 8). Retrieved May 5, 2020, from https://themortgagereports.com/64470/is-it-still-a-good-time-to-buy-a-house-coronavirus-real-estate-forecasts
30-Year Fixed Rate. (2020, May 5). Retrieved May 5, 2020, from https://www.bankrate.com/mortgage.asp