The COVID-19 pandemic has had a profound impact on the United States over these last 5 months. As the dust continues to settle, you may be wondering if it’s a good time to get back into the real estate market as a buyer. Even amidst the pandemic, there are several reasons why many individuals have purchased or plan to purchase a home in 2020.
Even amidst the pandemic, mortgage rates have been more competitive than ever. At times this year, we’ve witnessed rates dip under 3 percent! For many homebuyers, passing up the opportunity for extremely affordable financing rates simply wouldn’t make sense. It’s hard to say exactly when rates will rise again, but experts predict that they may do so by the end of 2020. As such, it’s worth keeping a very close eye on rates throughout the rest of the year.
If you are looking to purchase your first home soon but haven’t been able to pocket a hefty sized down payment yet, that isn’t necessarily the end of the world. There are several down payment assistance programs that are allowing first time homebuyers to take advantage of these record low interest rates. Ultimately, if you are employed have decent credit, and have your finances in order, this could absolutely be an opportune time to start seriously considering investing in your first home.
Ultimately, homebuyers in 2020 should not expect to get the deal of the century on their house itself. Home inventory has been considerably lower than a typical year, and home prices have risen slightly to match this demand. Even still, savvy buyers with good credit have the chance to be the real winners of 2020 by patiently hunting for the right space at the right price and securing a budget friendly mortgage.
Clearview Realty helps home buyers in Colorado, Florida and California understand the different types of mortgages that are available and provides loans to help people achieve the dream of homeownership. Since the specifics of which mortgage to choose is dependent on a variety of factors, we encourage you to call us for more information and find out which is right for you. Our number is (720) 217-5731, or you can send us a message.