Buying a Home Right Now: Easy? No. Smart? Yes.

Online tools permit buying and selling to continue despite COVID-19. If needed you can move on with life now with James Bean’s professional consultation and facilitation.

Despite the current economic volatility, some home-buyers have put their search on hold, but others have not. According to ShowingTime, buyers have started to re-emerge over the last several weeks. In their latest report, they reveal:  “The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data, however, show signs of an upswing.”

Why would people be setting appointments to look at homes when the purchasing process has become more difficult under the shelter-in-place orders?  Here are three reasons:

1. Some people need to move because of a death, birth, divorce, financial hardship, or job transfers, and some need to move as quickly as possible.

2. Even during the COVID-19 shutdown families are still able to buy and sell their homes because real estate agents are utilizing technology to do all of the following activities virtually while still complying with the required safety protocols:

  • View homes
  • Meet with mortgage professionals
  • Consult with their agent through the entire process

3. Mortgage rates are a key determinant of the size of subsequent monthly mortgage payments. Mortgage interest rates are close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan. The following chart highlights the big difference in monthly mortgage costs between purchasing a house last year and now in mid-2020.

Buying a Home Right Now: Easy? No. Smart? Yes. | Simplifying The Market

Bottom Line

Many families hare buying homes even in these difficult times. If you need to make a move, please call me now so that we can facilitate the process of buying and selling your home to permit you to move on with life as soon as possible: 973-987-7065!

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