It may be a great time to buy during COVID-19 depending on your area

Nervous About Buying a Home During COVID-19? Think again!

It’s an understatement to say it’s not a great time in the world, but surprisingly, it is a great time to consider buying a home in most major markets. So, if you’re ready to make a move, now may be the perfect time! Check out the reasons why buying a home during COVID-19 isn’t such a scary concept after all.

Diversified Economies Are Strong Economies

When we look at the stronger economies during COVID-19, we see diversity of industry. That diversity promotes stability in the surrounding community, and that translates to stable home values! When looking for your new home, make sure to scope out the variety of industries in the area. If diversity is scarce, it may not be the right home to invest in right now.

Supply & Demand Has Shifted – Albeit, Slightly

While the American housing market is still in favor of sellers, many buyers were spooked away from buying a home during COVID-19. And that means less competition vying for your dream home!

Supply is Opening Up

Just as potential buyers have backed out of deals, so too have iBuyers and Wall Street investors. This shift has opened supply in a major way, giving the average median income households a better chance to get an accepted offer.

Interest Rates Have Dropped

This one’s obvious to anyone interested in buying a home – or even refinancing – during COVID-19. Low rates can translate to a lower monthly payment, but that’s not the only value they bring to the table. Rather, low rates should be seen as the best way to maximize your investment in your home, allowing your money to work better for you and your goals.

Feeling more optimistic about buying a home during COVID-19? Reach out to your Loan Officer, or click here to find one in your area, today!

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