We get it. There's a lot of uncertainty right now. A pandemic, a shutdown economy, and rising unemployment. It's an environment that may have some people shying away from the housing market. However, if you're still employed with stable finances - it may actually be a great time for you to buy a home.
If you want to take advantage of historically low-interest rates, you may want to act now. According to realtor.com, mortgage rates may soon begin to go up because so many people are refinancing.
"If you wait too long to buy, you may miss the money-saving boat. So make sure to read up on the latest mortgage rates first," the website said.
Added bonus, if you lock into a good rate now, you'll never have to refinance down the road.
Pandemic or not - there will always be people who - for whatever reason - have to sell their home. With the future of the market uncertain, those sellers may be more anxious to sell their homes quickly.
"A seller who needs to sell may be more willing to negotiate," said Kazantzis Real Estate Agent Keri Roy. "That could mean a better deal for the buyer."
Fewer Buyers = Less Competition
The Federal Housing Administration recently changed its lending rules, causing many lenders to raise credit score minimums. This means a decent amount of potentials buyers won't be able to borrow money.
"With more people out of the game, you will have fewer people bidding for the home of your dreams," Roy said.
If you're worried about house hunting during social distancing, Kazantzis Real Estate is taking several precautions to ensure the safety of our buyers, sellers, and agents, including virtual tours and video conferences.
"We are capable of completing many tasks in the home selling transaction without the need for physical contact," said Kazantzis Real Estate Agent Fran Rose, who added that the National Association of REALTORS reported that a quarter of buyers this week went into contract without physically seeing the house.
If you're not tech-savvy don't worry. Our agents will walk you through the entire process.
"By staying upbeat and turning lemons into lemonade, we agents are committed to being a professional resource our buyers and sellers can continue to rely on," Rose said.