Wait, what? The real estate market hasn't plummeted like the stock market? Are people really still buying homes? The answers are no and yes; real estate is considered "essential," but whether or not you should keep shopping depends on your risk factors and how safe you feel going out.
That being said, if you feel up to continuing the search (and some people might not have the luxury to wait), here are 5 reasons that now might be a good time to buy a home...
1. Many Realtors and real estate agents are incorporating safety measures into their listings
Some Realtors (like us) actually have personal protective equipment on site for people to use. Others have soap and/or hand sanitizer to use before and after a showing. Many are leaving lights on and doors open to avoid the need to touch surfaces. As real estate agents, we want you to be safe above all else, and we're taking the measures to do what we can to ensure that.
2. Historically low interest rates
The government wants to keep buyers in the market, so they have been slashing interest rates. While a lot of people may be aware that interest rates are the lowest they've been in a long time, what they may not know is that there also seems to be more variation between lenders than we've seen in the past. Now it's probably more important than ever to shop around for interest rates.
3. Real estate is a big part of the economy
Many people are concerned about the economic impact of COVID-19. Even if it hasn't impacted you personally, you probably know someone who is out of work. Some experts have said that, unlike 2008 (when the real estate market was the cause of the crash), our real estate market staying strong might help us recover from this crisis more quickly.
4. Less competition
We're in the spring market right now. In Northern Virginia, we've struggled with low inventory for years, which typically equals bidding wars for buyers. While there is still some competition, the number of buyers choosing to take a pause means you may not have to sacrifice important parts of your offer, like your home inspection, to win the house.
5. We have to be at home a lot right now
I'm sure I don't need to tell you that in Virginia we're supposed to be staying at home, except for the necessities. Which means this is probably the most important time to really love the space you live in. Have you been feeling cramped with kids running around? Wishing even more now that you had that extra guest room you could be using as an office? Now might be the right time for a change...
Unfortunately we can't see the future, but as of right now it looks like our market is holding. Keep in mind that this means it's unlikely a low-ball offer is going to get accepted. It's also important to note that we don't know how things might change a few weeks or months from now. If someone gets sick, or an office has to close, there could be delays which you should keep in mind. If you are up to it, or you can't wait, we're happy to help you get into your new home!