IS NOW A GOOD TIME TO BUY?
The world we live in is changing by the day. Making a decision to buy in this market can be overwhelming and you may be asking what state is the housing market in right now, anyway? Experts agree that depends on how bad an outbreak in an area is, but we know that most markets are feeling some sort of hit.
“The coronavirus is leading to fewer home buyers searching in the marketplace, as well as some listings being delayed,” says Lawrence Yun, chief economist for the National Association of Realtors®.
For those buyers who need to purchase or simply want to take advantage of the low mortgage interest rates there is opportunity out there.
“This is the best buyer’s market I have ever seen in my career,” says Ryan Serhant of Nest Seekers and Bravo’s “Million Dollar Listing New York.”
“Sellers are nervous, there’s excess supply, and interest rates have been hovering at historic lows. You can own a home for less per month than you can rent an equivalent property in most areas,” he adds.
With fewer home buyers out there looking, you have less competition in your way.
If you are considering purchasing your new home know this window of opportunity won’t stay open forever. Many experts believe that the temporary softening of the real estate market will likely be followed by a strong rebound, once the quarantine is lifted.
This pent-up demand could eventually push home prices higher. That could mean that the time to strike for bargains is now.
Bottom line: If social distancing has made you realize you don’t love the place where you’re currently spending most of your time, it’s a good time to consider buying.