Like every other sector, real estate too was severely impacted by the pandemic. However, in the recent months with the lockdown easing, sales have started to pick up. Austin’s real estate market is extremely competitive now with many homes getting 15+ offers on the same day of listing!
The pandemic has pushed people indoors and apartment dwellers have felt the pinch. With poor access to green spaces and high density within units, people, especially millennials, are looking at investing in a home of their own. Those who own a home and has surplus cash, is looking for an investment home.
In our lifetimes, the real estate market has now suffered at least two major shocks. The first one was from the Great Recession in 2008 and the second one just beginning, so you might think buying a home would be the last thing you’d want to do. But, as Consumer Reports explains, with a little creativity and flexibility, this could be the right time to buy.
If you are in a secure job and you have some savings, it is probably not a bad time to buy and the consumer report also mentions that there are better opportunities that didn’t exist a few months back.
The first benefit is the low interest rates. An average 30-year fixed mortgage rate in September 2020 is just under 3.010% the lowest on record since 1971. Well, lets not forget your credit score will decide if you’ll get the best rate or not.
Another big advantage is that real estate has already moved towards digitalization. So knowledgeable realtors will be able to show you properties on their phone and you can get the sense of the house without actually visiting the property and you can follow the social distancing guidelines and avoid open house visits.
What we are trying to say here is if you find a home that seems right for you, you have job stability and you can get financing at historically low rates, buying a home might be a wise choice and the right thing to do, even now. It is indeed a difficult and important decision to make. An expert’s opinion won’t hurt, would it? Book a free appointment and let us know your worries and we will guide you through the process.
