Thinking about buying a home, vacation property or rental, but just not sure what COVID has in store for the rest of 2020?
Is NOW, with all this uncertainty, a good time to buy?
The answer is – it depends.
If you don’t feel good about the future of your job or business, then now probably isn’t a good time to make ANY major decisions, let alone buy a home.
However, if you’re not worried about loss of your job or income, here are 3 reasons why the current environment makes it a GREAT time to buy.
Reason #1 – More Disposable Income
There are lots of things the pandemic has forced us to cut back on.
Travel tops the list. Estimates are that travel will be down 45% this year. That’s a LOT of money for many families.
Other studies show car purchases will be down 20% for the year.
We’re certainly eating out less, even more in metro New Orleans where many restrictions are still in place.
The point is – most of us are spending less money than usual which makes it easier to safely budget for a home.
Reason #2 – Historic Low Rates
Unless you live under a rock, you’re aware that mortgage interest rates are at or near historic lows (depending on what day you look).
Rates are not expected to rise significantly any time soon, so buying a home may NEVER be more affordable in your lifetime than it is right now.
Reason #3 – Virtual Makes It Easy
Still hesitant to venture out if you don’t really need to? That’s OK.
These days you can work with your real estate agent to get all of your listings sent to your inbox. You can view all the photos of any home and even take a virtual tour.
You can even apply & process your mortgage with us virtually.
About the only thing you’ll have to do is eventually show up for the closing in person. But even the title companies have made changes to ensure private meeting rooms with the minimum number of people.
What Should You Do?
Our hearts go out to everyone who has been impacted by COVID-19. We are truly all in this together.
If you’d like to discuss whether or not a home loan makes sense for you right now, please get in touch with us today for a free consultation.