The pandemic dumped everybody’s plan. From social distancing to canceled vacations, closed institutions everything turned upside down. And the worst thing that happened during this period was the loss of jobs.
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Millions of Americans lost their jobs and were unemployed in no time. And, thinking about buying a home during this time might seem very risky. But, do you know that experts have predicted that 2021 is the perfect time to buy a new property, despite coronavirus.
What experts have to say about this?
According to the experts, it has created new circumstances for homebuyers. Justifying this statement, they said that a number of industries were shut down due to quarantine and the economic instability led a number of people to put their home-buying plans on hold. This has resulted in the discounted rates, modification in the mortgages, waived closing costs and so much more. As a result, giving more opportunities to the people who are interested in buying a new property.
This recovery in the housing market was quite unexpected and they are expected to grow even more in the year 2021. So, if you are thinking of investing in a real estate property, you need not to worry about it. This is the right time to buy it. Below, we have mentioned the reasons that will prove that investing in the real estate market at this time will create more wealth for you.
Low Mortgage Rates
In the month of March, the federal reserve reduced its federal fund’s interest rate by 0.5%. After 15 days it further reduced its emergency rate by 1%, which is the lowest since the recession. According to a report, the number of newly listed homes dropped 44% in the month of April. It was one of the engaged months for the residential real estate market.
Work From Home
Obeying social distancing and working remotely is the new normal now. It comes as no surprise that it is lasting longer than expected. The work from the home population has increased. The people want to stay close to their office and require a wide-open space. And this has led to more availability of luxury homes for buyers. For example, the luxury apartments in North Dallas have premium finishes and luxury that does not let you sacrifice your comfort. And all of this within the economical reach of the home buyers. Having such amenities in a property avoids the challenges while working remotely.
Many homeowners prefer buying a new home rather than going for renovations and improvement projects. Especially, during the pandemic where everybody is obeying social distancing regulations, it is difficult to get the professionals to fix the problems with the plumbing and electricity. In such a situation, prioritizing purchasing over renovating will protect the potential savings.
Is Buying a home during coronavirus a good decision?
In the month of April, around 29 million Americans lost their jobs. And buying a home during job instability is quite risky. But, this does not mean that you cannot buy a property. The market cannot be estimated. However, the best time to buy a property is when you are financially stable.
To comply with the social distancing regulations, the home buying process is now being handled online. The agents are offering virtual tours instead of having physical meetings. Therefore, if you are thinking of buying a home in 2021, this is the right time. You simply have to opt for the online mortgage application and inspect the home virtually.