Would-be home buyers are confused as to whether it’s wise to even consider purchasing a home during a pandemic. Some points to consider:
- Interest rates are low: With interest rates below 3 percent, this is certainly something to consider. Many analysts say that homebuyers should consider a 15-year fixed mortgage for even lower rates.
- Competition has dwindled: Many real estate agents cite a decrease in buyer interest. On the other hand, some sellers are taking their homes off the market.
- Heading to a recession? With the economy struggling, homebuyers need to be sure that they will be able to handle mortgage payments.
- A longer process: While most states consider real estate professionals as “essential,” much of the process it’ll be done remotely and while certainly take longer to complete
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