With everything that’s going on right now, you’d think that buying a house is out of the question. However, there are still plenty of opportunities out there.
Despite COVID-19, here’s why you should still keep an eye out for your dream home.
Interest Rates Are Lower Than Ever
Back in June, mortgage rates dipped to the lowest ever recorded—at the time. Then in July, rates went down even further. Though home prices have increased, the interest rates mean that monthly payments have become lower. It also means that your budget has just been opened up. If you were originally considering a budget of $250,000, you might now be able to consider a home with a price range around $350,000. With interest rates being so low, it truly changes what you can afford.
If you were already looking into buying a home before the pandemic, that’s a good reason to consider getting back into the market. As long as you’re confident about your finances, it could be the right time to move forward with your plans.
With More Time at Home, You Need to Have a Place You Love
What makes a dream home? Ask a hundred people, and you’d get a hundred different answers. What everyone can agree on is that, at the very least, you need to be happy with the property. That’s even more important now that we’re spending more time at home.
Coronavirus lockdowns have forced many of us to stay home more than we’d like. We don’t know how long this situation will last, but having a home that you’re comfortable with will help make it all the more bearable. With more companies moving to remote work arrangements, it’s also a good idea to have a place that also allows you to be productive at home.
Your Dream Home May Not Be in the Market for Long
As we mentioned earlier, home prices are climbing. One reason for that is there are fewer homes in the market, pushing prices up. For now, the lower mortgage rates mean there are still good deals to be had. But you’re not the only one looking for those deals.
Real estate investors can also take advantage of current market conditions to buy up properties. And with working from home is becoming the norm, people are deciding to move out of their current homes or town homes to truly find something that they love. Simply put, your competition is increasing. If you wait too long, your dream home may soon belong to someone else.
Now is not the time to do anything hasty, but that doesn’t mean you have to put everything on hold. At Knob & Key Realty, our priority is connecting you to your dream home. Get in touch with our agents today so we can make sure you’re ready to take advantage of any opportunity that arrives.