You may have been thinking about buying a home for some time and have been putting it off because you aren't sure when the best time to buy a house would be. In real estate, there are certain times of the year that buying the right home is either easier, or you can find inventory with fewer bidders, which could mean a lower overall price for you.
You might be putting it off right now due to the pandemic but now might be a good time to buy a home. Why is right now is a good time to buy a home? Here are some reasons to think about it.
Mortgage Rates Are Good
One of the best times to buy any type of real estate is when the mortgage rates are good. This means you will end up paying less for your home because your interest rates are lower. It's a great time to buy a home when mortgage rates are low. Check the mortgage rates in your state and keep an eye on them. You will notice they fluctuate depending on what the overall financial markets and the housing market, in particular, are doing.
When they are lower, that is the best time to buy a home. If you are in a good financial position overall, it could be a great time to buy.
A Potentially Longer Closing Date
Another reason it could be a great time to buy real estate is, you potentially could get a longer closing date. This means you may not have to sell your home or pack up and move quickly when you buy a new home. It could give you a few months more time to sell your existing home or time to pack up and find movers without the stress of an impending moving date within weeks.
It can also give you more flexibility in your schedule if you have a longer period of time to move too. If you are buying a home during the pandemic, you may be working from home so it could give you more time to get ready for the move because the process of buying and moving can be scheduled around your work schedule more easily.
Fewer Bidders On The Houses
For the most part during a pandemic, many potential buyers won't search or bid on the real estate until they can either see the home in person or when they are feeling more comfortable. This means, there are fewer bidders to compete against. You may not have to face a bidding war to get the home you want and, therefore, might not pay an elevated price for it.
Inventory might be lower at this time because sellers might also not feel comfortable selling, but you might be surprised at what is on the market if you look for it.
For more information, reach out to a company like Cannon Real Estate.