With social distancing restrictions in place, buying a home during the coronavirus might be on your mind. It could actually be the best decision for you. Interest rates for mortgages are lower than ever, and it’s leaving a lot of people with the question: what are the pros and cons to buying a home during this time?
The current state of the market
Spring time is usually the most popular time to buy, but that’s not the case this year. There’s way less competition than usual in the home-buying sphere. The coronavirus is making things unpredictable. But, the Federal Reserve’s cut on interest rates mean that mortgages are at historically low rates. If you’re in the position to do so, this could be the perfect time for you to buy your dream home.
The end of 2019 set the stage for 2020 to be great for the housing market. A combination of low inventory and high demand meant mortgage rates would be low. And this is still the case. Of all the industries affected by the coronavirus, the mortgage industry may be one that rebounds quickly.
Although mortgage rates are low, you need to take into account other factors as well. For example, you’ll likely need to hire movers to help you move furniture and other items into your new place. Some of these businesses aren’t open right now with social distancing restrictions in place.
You should also take into account the fact that each part of the country will be affected a little differently. Your location or wherever you want to move is a huge factor in your possible home-buying decision. For instance, the West Coast and Midwest likely will be far less affected compared to much of the East Coast.
Make the right choice by getting help
If you have the means to do so and if you’ve been thinking about buying a home during the coronavirus situation, it might be the right time to do so. It can’t hurt to look at your options online by checking out virtual home listings. No matter what you do, you shouldn’t go through the process alone. Get the assistance of mortgage experts who can do the hard work and help you make the best decision for you.