Is now a good time to consider buying a home? Of course, this is only one of many questions that are arising as a result of the current global pandemic. The current real estate market is becoming more advantageous for buyers due to fewer buyers to compete with, so if you are in a place of financial security, here are five reasons why buying a home now might be the right decision for you.
5 Benefits of Buying a Home Now
- Excellent Interest Rates: All-time low-interest rates will always perk up the ears of potential homebuyers, and there’s good reason to pay attention! At the beginning of 2020, mortgage rates were a little under 4%. In February they plunged due to the beginning of the coronavirus pandemic, and it’s currently at just above 3%; the lowest it’s been in 50 years. A lower mortgage rate means a lower monthly mortgage payment, so if you’re on the fence about buying a home, now is a great time to take advantage of these record-low rates.
- Decreased Purchase Time: With fewer buyers out in the market today, sellers are more likely to make a decision quickly. As a result, the turnaround time on selling and buying a home now can be quicker than usual and the lower interest rates (mentioned in #1) give the buyer more power to negotiate an amazing deal! You can help further expedite the process on your (the buyer’s) end by completing the pre-approval process with a lender prior to approaching the market with an intent to buy.
- Expedited Pre-Approval Process: As mentioned in #2, this step is extremely helpful and lets sellers know that you’re serious. This will also help you understand what you can afford and surpass any other hurdles prior to purchasing. Luckily our team can help with this step! If you have good credit, your chances are also good that a mortgage lender will be able to lend you more (if you need it).If your credit needs some work, our team will give you some tips that will help you to improve your qualification factors faster!
- Great Opportunity to Build Value: This step is true no matter the market: buying a home will help you build equity and improve your credit history. It will also help provide you with greater stability of costs by locking in your mortgage at a lower rate (see #1). As far as investments go, if you intend on staying in your home for an extended period, then buying a home now is one of the safest, most accessible investments you can make!
- Control & Certainty: While no one could have predicted a pandemic, historically we have experienced many more ups than downs in real estate.
If you find yourself agreeing with each of these points and are interested in buying a home now, our team is ready to help! We are currently booking private walkthroughs of all our properties within each of our communities so you can see the home safely. Contact us to schedule your appointment today!