Usually as spring weather warms up and the summer months move closer, which means the number of potential homebuyers looking at properties, meeting with real estate agents and negotiating prices. This year, however, things are looking quite different: the coronavirus outbreak is having a major impact on the housing market. If you were planning on purchasing a
home in 2020, read on to learn whether or not you should still consider making an investment right now.
Regardless of where you live, chances are the housing market has taken some sort of hit. Because of the COVID-19 pandemic, fewer people are searching for homes. Many homeowners looking to sell are also waiting to put their house on the market until the coronavirus outbreak minimizes.
Despite all of this, it is certainly a buyer’s market. Mortgage rates are incredibly low at the moment, which is a huge incentive for folks looking to buy a home in 2020. In addition, there are more properties on the market than there are buyers right now, causing prices to drop. In most areas, you can purchase a home with a monthly mortgage payment lower than renting a similar house. This buyer’s market won’t last forever, though: prior to the coronavirus outbreak, there was actually a housing shortage. Potential buyers who are serious about finding a home can benefit from the current status of the market, and should take advantage of it sooner rather than
The housing industry has also adapted to keep homebuyers safe during this precarious time. Many real estate agents have transitioned to virtual meetings and showings to avoid in-person contact. Agents are sending their clients videos of the property and even offering video conferences or FaceTime appointments from within the home, giving them the ability to tour the space with potential buyers in real time.
Despite the housing market catering to buyers right now, many are still hesitant to make such a large purchase when the economy is so uncertain. While it is impossible to determine how the market will change at a given moment, one thing is certain: mortgage rates are about to rise quickly. Because so many current homeowners are in the process of refinancing, this will have an impact on those looking to purchase a new home in the next few months. If you are also concerned about the stability of your income as the economy takes a turn, you’ll want to be especially mindful of the current housing market. Taking advantage of these low mortgage rates, getting pre-approved for a mortgage and finding a home well below your budget will help you become a successful homeowner.
Ultimately, if you are able to take advantage of the current buyer’s market with low mortgage rates and a surplus of options, it is in your best interest to do so. This will not last long, and those looking to purchase a home now can benefit from the current market.