Many home buyers are wondering whether or not they should put their home search on hold until after the pandemic comes to an end. While it is true that social distancing measures have made the process of purchasing a home more complicated in 2020, it is still entirely possible to purchase a home during the COVID-19 pandemic. Read on and discover three advantages of purchasing real estate right now.
Spring is one of the hottest times of the year for the real estate market. However, with the COVID-19 pandemic in the U.S, and unemployment at incredibly high levels, more buyers are putting their real estate plans on hold. This means that there is less competition across the country, as there would otherwise be this time of year.
Home interest rates are low
Did you know that interest rates are historic lows this year? At these levels, home buyers have a tremendous amount of purchasing power. After a buyer completes the mortgage pre-approval process, they will have a clear idea of how much they have to spend on their next home. The low interest rates are allowing buyers more flexibility in terms of their budget because they know they will not need to pay as much interest as they would have if they had bought the home in previous years.
More virtual viewings available
Although they already had a presence in the real estate industry, virtual home showings have increased in prevalence due to COVID-19. Virtual house showings allow buyers to still view homes on the market but from the comfort of their homes. Not only is this safer during their pandemic, but it is also significantly more convenient for buyers who do not need to schedule and attend in person home tours for homes. With the higher totals of virtual tours available, a buyer can view several homes in one day without ever needing to get in their car.