Have you been looking into buying a home, but now the recent COVID-19 outbreak has you a bit worried if now is the time to do it? Here are some reasons why now could be a good time to buy that house you've finally found.
Interest Rates Are At Historical Lows
One reason why people are interested in buying a home is to take advantage of the historically low interest rate. It is quite possible that you will never be able to borrow money for a home this cheap again, and buying a home is one of the best ways to take advantage of it. You'll be able to lock in a good interest rate on your mortgage, and potentially make your monthly home payment as cheap as it can be.
Mortgage Payment May Be Suspended
It is very possible that the government is going to suspend mortgage payments as a form of financial relief for everyone affected by COVID-19. If you do plan on purchasing a home in the near future, this could mean that you will not have to make a mortgage payment for quite some time. This can definitely help you get into a home now and build up your savings for future home payments.
Housing Is Necessary
You are always going to need a roof over your head, no matter if it is renting or buying property. While it may not seem like a good time to buy a home, know that it is always something that you will need. Looking at it from this perspective can make such a big purchase seem practical rather than something you should avoid.
Real Estate Increases In Value
Know that real estate tends to increase in value over time, making this not only a home, but an investment for the future. There will come a time when you are ready to sell your home, and it's possible that it will be worth more than what you paid for it. As hard as times may seem right now, things will get better.
Think you're ready to buy a home? Talk about it with a real estate agent to get their much needed help. People are not going to be willing to host open houses in the current situation, but it will still be possible to arrange showings with motivated sellers in your area that are trying to sell their home.
For more information on purchasing a home during these times, contact a real estate agent in your area.