It’s a question many people have been asking in light of recent events. And if you were in the market for a new house before the pandemic hit, you may be wondering if you should move forward with your home buying plans or if you should wait. While we can’t make that decision for you, we can tell you that it may still be a good time to buy if your job is secure and you have a steady income. Here’s why.
After a decline in mortgage applications due largely to the stay-at-home orders issued throughout most of the country at the beginning of the pandemic, applications for home purchases have risen every week since mid-April. They were up 11 percent for the week of May 8, a signal that many buyers are ready to resume their home search during the spring buying season.
According to realtor.com’s 2020 Housing Market Forecast, home prices are expected to remain flat for the rest of the year and interest rates recently hit a new record low, which could make buying a home more affordable.
If you’re concerned about safety, you’re not alone. Many realtors have implemented practices to help keep home buyers and sellers safe amidst COVID-19. The number of people allowed in a home at one time is limited, social distancing guidelines are being enforced and virtual 3D “tours” of properties are available. Plus, digital mortgage applications and tele-notarization options in some states provide even more ways to keep you safe throughout the home-buying process.
If you already own a home but want to take advantage of low rates, consider refinancing your existing mortgage to save on interest charges.
Whether you’re looking to buy a new home or refinance the mortgage on your existing one, Homeowners Financial Group can help. Contact one of our Licensed Mortgage Professionals to take advantage of low rates today.