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 many 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 our area, reach out anytime. I'd be glad to talk about it with you, and there's never a charge or obligation.
