Big Bond Beat Down Mortgage Backed Securities (MBS is the index that actually controls mortgage rates) broke through an important metric which means we are likely to see an increase in interest
Should I Think About Buying A Home During The Covid Crisis?
Dated: September 22 2020
Should I Think About Buying a Home Now? Buying a home during the COVID-19 crisis, and why it’s a good idea…
Question: Should I still buy a home during the COVID-19 crisis?
Answer: YES! And here’s why now is a great time…
We’ve been in a “seller’s market” for a few years now, meaning that there has been more demand from buyers than home inventory for sale. This means that many homes have had bidding wars, with multiple offers driving up prices and leaving potential buyers with no home at all.
But that’s not the case right now.
So why not wait? Won’t home prices come down because of the virus crisis? The answer here is, “No, not likely.” Many potential sellers will choose not to list their home during this time or after, especially if home prices drop at all. That means inventory will remain tight, with less homes to choose from and more demand.
Besides, even if home prices do come down some, they will rebound as the economy picks back up and recovers. And mortgage rates are likely to rise at the same time. So buying a home now, with rates as low as we are seeing, makes homes more affordable.
If you’d like to discuss it more, or maybe find out more about home inventory and affordability in your area, reach out anytime. We’d be glad to talk about it with you, and there’ never an obligation.
John Lick--brings his vast experience in contracts and negotiations to the Maurice & Lick team. Prior to becoming a full-time Realtor, he worked for a multi-billion dollar government agency and with ....
Latest Blog Posts
As mortgage rates reach all-time lows due to the pandemic, demand for real estate has increased exponentially. But that doesn’t necessarily mean you should buy a home right now.