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If you were planning to buy a home this year, you might be second-guessing your decision. After all, there’s so much uncertainty in our lives right now. It can feel daunting to make a significant change on top of everything else.
But for many of us, the life events that made us decide to move in the first place haven’t changed. We still need to make room for a growing family, relocate for a new job, or be closer to older family members who need care. In these cases, now could be a better time than any to buy or sell a house.
The good news is that home values have remained relatively unaffected, and they’re likely to remain stable. So if you’re a current homeowner looking to move, you can still maintain your hard-earned equity and get true market value for your home. This home buying season also has some of the lowest mortgage rates we’ve seen in years. Thanks to this rate environment, homebuyers can potentially save thousands in interest over the life of their mortgage.
However, if you are planning to sell a home, it’s a good idea to understand what restrictions might exist in your area when it comes to showings and tours. In many areas, real estate is considered an essential service, and home showings can proceed as usual (though open houses are likely a no-go in an effort to avoid crowds.) Many sellers are also digitally showcasing their homes through virtual tours and video walkthroughs.
Buying or upgrading to a new home can also give us some much-needed control in this time of uncertainty. Homeownership gives you a stable and predictable monthly housing payment, which can be even more affordable with today’s competitive interest rates. When it comes to finding your dream home, however, it’s important to note that inventory is more limited during this time. Because of COVID-19’s economic impact, many sellers took their listings off the market in late March. You should expect to see fewer listings that meet all your criteria, but a less crowded market also means you may be able to secure your dream home without too much competition.
At Orchard, our team is continuing to work with home buyers and sellers to help them navigate this changing market. If you’re not sure if now is the right time for you to consider buying or selling, our Home Advisors are happy to set up a free virtual consultation to discuss your personal situation and goals.