Current Real Estate Market : Could COVID-19 Impact Your Real Estate Dreams?
Have you been dreaming of finally buying the perfect home to raise a family in?
Or perhaps you were getting ready to buy land to start that ranch you have always wanted?
You’ve been imagining your new adventure, and were planning to finally take the plunge this year.
Then, boom! COVID-19 strikes.
Once the initial shock and fear wear off, you may realize you are not sure if your real estate dreams are possible anymore.
Don’t let that disappointment set in!
It is still more than possible for you to buy a new home or land in spite of the current pandemic.
This pandemic is undoubtedly serious and has changed a lot of things, but the ability to pursue your real estate ambitions is not over.
San Benito Realty wants to assure you that buying real estate is still possible and today we will give you some insight into the current market during COVID-19.
Low Mortgage Rates
Right now, buyers have a lot of power in the market. It could actually be the perfect time to invest in some real estate.
“U.S. Mortgage rates hit an all-time low in early March, with the average rate of the 30-year fixed-rate mortgage dropping to a staggering 3.29% according to Freddie Mac, eclipsing the previous low set back in 2012.
Just a year ago, though, mortgage rates were hovering in the mid-4% range after almost touching 5% at the end of 2018.”
This is a great thing for buyers in particular, as you can get a great rate on your mortgage when buying your new home or land.
For homeowners, the low mortgage rates can also be good as this might be a good time to refinance your home.
As for sellers, there may be more people in the market as the news about the low mortgage rates hits, so your chances of selling fast and for a good price are higher.
As always, when purchasing real estate you want to be sure you are financially stable first.
It’s important to be sure you will be able to keep up with payments and the rest of your bills along with your lifestyle. So be sure to have a well thought out plan and budget, and that your job is steady.
In the current state of the world, you may want to be a little extra cautious during your budgeting. The health crisis has the potential to cause an economic downturn.
But this is no reason to be pessimistic. If you are financially stable, it is still a great time to proceed with your real estate investment.
Each state’s guidelines regarding COVID-19 is a little different in the approach to combating this global health crisis.
Luckily, in California, realtors, appraisers, bankers and all the different professions necessary in the process of the selling or purchasing of real estate are deemed essential workers.
If you find that you are financially stable and your state has guidelines that allow you to continue on your real estate journey, the next thing you might be worried about is safety.
Nobody wants to put themselves, their families, or others in danger. We are all concerned about the health and safety of those around us during this health crisis.
You may feel apprehensive about beginning the process of selling or purchasing real estate right now because that means you have to interact with more people, right?
Not necessarily! With today’s technology, almost the whole process can be done online through emails, calls and virtual meetings.
For the few things that may not be possible online, there are still ways to stay safe and healthy.
The professionals that you will be working with have to follow strict guidelines set by the CDC and the government. Social distancing will still be maintained throughout the whole process for everyone’s safety.
In addition, equipment such as gloves, masks, and shoe covers can also be implemented.
Washing and sanitizing hands is another great way to ensure everyone stays safe during this process.
Nobody is certain about what the next year holds, but we do know that the next few months are looking good in the real estate world.
Both the housing market and mortgage rates are both at ideal places right now to buy or sell property or houses.
Take advantage of this time and make your real estate dreams come true in 2020!