Summer is officially upon us and normally that would mean the housing market is heating up as quickly as the temperature outside. As we navigate the uncertainty of the COVID-19 (coronavirus) pandemic, the summer buying and selling season looks a little different than we’re all used to – but that doesn’t mean now isn’t still an excellent time to by a house.
Why You Should Consider Buying a House in 2020
Low Interest Rates
Mortgage rates are historically low. By purchasing a home now, you could save a significant amount of money, as opposed to if you waited until, say, a year from now. An interest rate difference of as little as one-half of a percent could result in thousands upon thousands of dollars over the life of your loan. That said, now might be the perfect time to look into buying from a financial perspective.
On the other hand, if you already own a home and want to stay put, refinancing your loan in this low rate environment could be a smart move, too. Today’s rate market could be more favorable than it was when you purchased your home (especially if you purchased within the past couple years), which could lower your monthly payments and save you money in the long run.
Enhanced Safety Measures
If you’re considering buying a house in the coronavirus era, you can expect your team of real estate and mortgage professionals to be as accommodating as possible. This means more virtual meetings, video tours, and enhanced cleaning procedures.
In particular, we’ve ramped up our digital offerings here at Waterstone Mortgage. For instance, our homebuyers can take part in a hybrid closing that allows them to preview and e-sign closing documents in advance (which means less time at the physical closing appointment).
We also offer single-property sites for Realtors to showcase property listings. These sites are fully optimized and can include video tours, mortgage loan options, information about the neighborhood, and more.
Normally, the summer is the busiest time of the year for the housing market. While the market is still going strong, there may not be as much competition in your area this summer as there has been in past years.
No one can predict the future – especially not in these unprecedented circumstances – so it could be the right move to take advantage of the current situation and take the leap now.
Benefits of Homeownership
If you’re on the fence about buying a house in general, consider the benefits:
- Build wealth and equity
- Stability – you know exactly what your monthly payments will be
- Tax benefits
Plus, there are plenty of non-financial benefits of homeownership, like having a place to make memories and a proven feeling of stress relief, among others.
If you’re ready to take the next step and become a homeowner today, buy a new house, or refinance your current loan, find a local home loan expert in your area to go over the details.