Is NOW A Good Time To Buy A House

Is NOW A Good Time To Buy A House

 Is now a good time to buy a house, financially speaking?

From a financial perspective, there are certainly some advantages to buying a home right now. For one, mortgage interest rates are historically low, which means your monthly housing payments will be lower, too. And putting a property under contract now and locking in a low interest rate gives buyers more control than living in a rental where rents might go up.

Another big consideration on the financial side of the home-buying equation comes down to competition. The coronavirus has dissuaded some home buyers from home shopping for the time being. So buyers who do venture out face less competition, which could put them in a stronger position to negotiate with sellers.

In addition to surveying the housing market and mortgage rates in your area, you should also take a good, hard look at your personal financial situation. You'll want to gauge whether now is a good time to buy for you. Are your job and income stable, or are you worried about layoffs or the stock market?

If your own financial future is uncertain, you might want to take more of a wait-and-see approach to home buying. Or consider buying a home well under what you can afford just in case the coming months throw you a curveball.

How has the coronavirus affected home prices?

The coronavirus has the world economy in turmoil. But so far at least, this does not mean that home prices have plummeted across the board or that buyers can lowball their way to a bargain. Instead, in most real estate markets, home inventory remains very tight.

"I don't expect the slowdown to be like the last recession where prices fell," says realtor.com chief economist Danielle Hale. "There are more than enough buyers out there to keep home sales from slowing in any major way."

Some sellers have pulled their listings as they wait for better market conditions. On the flip side, a home seller who doesn't have the luxury of time is facing a smaller buyer pool, due to safety concerns and limited physical access to touring homes. So buyers could have the upper hand for a short period when it comes to homeowners who need to sell.

The only way to test a seller's level of motivation is to make an offer. But play it safe. Buyers should not assume that because of the pandemic they can automatically lowball a seller—this could turn the seller off. You might want to try offering a modest discount below asking price to simply start a dialogue.

Here's a breakdown of how to negotiate an offer on a home in the age of coronavirus.


Candace Rebecchini Headshot
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Phone: 561-434-5551
Dated: May 7th 2020
Views: 955
About Candace: HOUSE FINDING is so much FUN! Once I see the Buyers glow, "yeah" we found your dream home; their ha...

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