With so many changes in the world as a result of the COVID-19 pandemic, it’s natural to feel like you want to put certain things on hold, such as your plans to buy a house. However, if you pause your homebuying process today, you could be missing out on a huge opportunity.
Certain events of the past few weeks have made this an even better time to buy a house than usual.
Here is why it’s more important than ever to continue moving forward with your homeownership plans.
You may save money. The COVID-19 pandemic has unleashed great economic uncertainty. In a move to stabilize the economy, interest rates have been slashed to record lows. If you wait around for things to get better, interest rates may begin to go up again and if that happens, you would likely end up spending more money on your house over the long haul.
You may be able to buy a bigger house. Lower interest rates not only save you money, but they make it possible for you to afford a more expensive house. That means you may be able to buy a bigger house with more of your dream qualities by moving forward with your homeownership plans today than if you waited for a later time.
House prices may actually fall. While no one knows for sure whether home prices will rise or fall in coming months, some experts have speculated that a recession may prompt some homeowners to want to sell their homes at a lower price because they will need the cash. If that should happen, wouldn’t you want to be ready to make an offer?
You would be gaining some control over your life. One thing the COVID-19 pandemic has made clear is that there is much in life that we have no control over. However, homeownership gives you something to call your own, and a home can be an anchor in challenging times. By moving forward with your homebuying plans, you take steps to control your financial destiny despite the uncertainty around you.
Every economic downturn creates a ton of opportunity for those who are ready to take advantage of it. HomeFree-USA can help you put yourself in the best position possible. Stay tuned for our next post to show you how.