Buying a home is a much more difficult decision today than it was at the beginning of the year. With all the uncertainty surrounding coronavirus pandemic, now might not seem like the best time to buy. But that doesn’t mean you need to rule out the idea. While we recommend for all potential buyers to do their own personal research on whether or not now they should move forward with buying a new home, here is some information on how it could be a beneficial time to make the move. 

Mortgage rates are at a historic low, as explained in the recent article by Realtor.com.

“With historic low rates, it is a good time to consider investing in real estate,” says Victoria Shtainer, a real estate agent and expert at Compass in New York. “Low rates give you more buying power, and we have been negotiating amazing deals for our buyers.”

Mortgage rates are expected to drop again after the Federal Reserve’s recent rate slash, which was intended to protect against the economic impact of the pandemic. That means that it may be time for buyers to consider an investment property. Here are some reasons to go for it.

The next few months could end up being a buyers market, as explained in a recent article by The Mortgage Reports.

Peggy Zabakolas is an attorney and broker with Nest Seekers International. She says that with layoffs possibly coming, we may see a lot of housing inventory coming to market in the next few months at more accurate pricing—making it a buyer’s market.

“If you have the cash on hand and a flexible timeline on closing, all the stars may be aligned for you to make a purchase. If you have the required down payment and solid job security, there’s no reason you shouldn’t take advantage of low mortgage rates,” she says.

If you are comfortable taking risks, it could be a good time for first-time buyers, as explained in a recent article by NY Times.

Depending on your appetite for risk, the coming months might actually prove to be a better market for first-time buyers than for other buyers, partly because you don’t have to worry about trying to sell a home in uncertain times. And list prices may fall if sellers worry that buyers are dropping out.

Think of the low interest rates not as a good deal, but as a cushion to soften the blow of any unexpected inconveniences. Decide whether you’re willing to live with the uncertainty of complications that may arise, and build contingencies into your plan. If you’re not ready to tackle these kinds of questions, then pause and wait. The housing market will still be here when you’re ready to jump into it.

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One thing to keep in mind is that you can easily continue shop for homes online. Learn more about our new community Lakes of Bella Terra West located in West Houston. We have an inventory of new move-in ready homes for sale just minutes for the Westpark Tollway and Grand Parkway.