The COVID-19 pandemic threw our country—and our world—into chaos, closing schools and businesses, sending people home to work, putting millions out of jobs, and enacting strict social distancing measures on nearly every corner of the US. All the upheaval has caused a lot of uncertainty, particularly in potential real estate investors. And the question many are now asking is, “Is it a good time to buy a home?”
A Few Reasons Why Now Actually Is a Good Time to Buy a Home
The middle of a pandemic might not seem like an ideal time to make a big real estate purchase, especially if social contact is restricted. However, that doesn’t mean real estate can’t still be a smart investment, if you go about it the right way. Here’s how it can actually still be a good time to buy a home.
Mortgage rates are low
One of the biggest reasons to invest in real estate right now is that you’ll literally pay less for the same home than you would have even a few months ago. Interest rates aren’t just low—they’re at near-record lows. For you, that translates to paying less per month and throughout the duration of your loan.
The bottom line: Snagging a rock-bottom interest rate right now means more money in your pocket in the long run.
Competition is low
Another great reason to start (or continue) your home search right now is that a lot of other buyers may NOT be searching. Less-than-favorable conditions have caused many would-be buyers to press pause on their real estate plans while they wait for things to return to normal. For you, that means less pressure to make an offer before a home gets snatched up by another buyer—and less chance of ending up in a bidding war.
The bottom line: Fewer buyers on the hunt means less competition, giving you plenty of time to search around, weigh your options, and make a decision.
Sellers are serious
Is now really the ideal time to sell a home? No, probably not. But for many sellers, listing isn’t an option—when you have to move, you have to move. For you as a buyer, that means you’ll likely be working with some pretty serious sellers who are ready to make a deal, even if that means favoring your terms.
The bottom line: Working with serious sellers is an ideal situation, especially in a seller’s market. Serious sellers make deals.
Agents likely have more time
The anticipated hot spring market has gotten off to a bit of a rocky start this year, thanks to the ongoing health crisis. For many buyers and sellers, it means waiting. For their agents, it means more free time than we’re used to! And for you as a buyer, it means the potential for almost undivided attention from a local real estate expert.
The bottom line: A slower real estate market means a lot more personalized attention from a less busy agent.
Thinking of Making a Move in Crofton?
Have you been thinking about buying a home in Crofton, MD this spring? I’d love to help! Contact me—Kyle McCarthy—today to learn more about what I can do for you. Uncertain how the ongoing health crisis might have affected your real estate goals? I’d be happy to chat about any concerns.