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What You Should Know About Buying a Home During COVID-19

Posted on in Real Estate

Libertyville real estate lawyerOver the last few months, the lockdown and the slow reopening caused by the COVID-19 pandemic forced many families to spend countless days and weeks in close proximity to one another. In many cases, the extra family time has been a blessing. In others, the time together served as a notice that the family home is starting to feel a bit small—or perhaps a little too big. If you are in the latter group, you may be thinking that it is time to start looking for your next home. Or, maybe you were already in the market for a new home before the pandemic started. Either way, now could be a good time to buy a house, despite the challenges presented by the “new normal.”

Is It a Seller’s Market?

Many real estate experts suggest that this vague period of reopening after COVID-19 is shaping up to be a seller’s market in the residential real estate industry. The last few months have offered many would-be sellers the chance to tackle projects that they have been putting off, in some cases, for years. By finishing such projects, prospective sellers have been able to add substantial value to their homes, which is likely to be reflected in the asking price.

Spring and summer are often busy months for home sales, but considering that most of the spring was “lost” to the coronavirus, the number of people looking to buy is higher now than in previous years. This is usually a factor that works in favor of sellers as well. However, a market that is slanted slightly toward sellers does not necessarily mean that buyers are out of luck. It simply means that you will need to be more careful and perhaps a little patient.

Advantages of Buying Now

Perhaps one of the biggest benefits of buying a home right now is the availability of low-interest rates on mortgage loans. Your rate will depend on your credit score, but the average rate on a 30-year fixed mortgage is the lowest it has been in nearly 40 years.

While it seems to be true that there are not enough available homes for the number of buyers in the market right now, keep in mind that most current homeowners who are looking to buy will soon put their present home on the market if they have not already done so. A person who is looking to buy and sell a home at the same time may be extremely motivated to sell so they can focus on moving into their new home. If you can be patient enough to find a motivated seller, you could end up with the best possible combination of a low-interest rate and a great price on an attractive house.

Work With a Lake County Real Estate Attorney

The process of buying a home can be complicated under the best of circumstances. With the challenges of COVID-19, things are likely to be even more complex. With this in mind, it is important to enlist the help of an experienced Libertyville real estate lawyer. Contact a member of the team at Newland & Newland, LLP to learn more. Call 847-549-0000 to schedule your free consultation at our offices today.

 

Sources:

https://abc7news.com/7-on-your-side-consumer-reports-buy-a-home-right-time-to/6343779/

https://www.kolotv.com/2020/08/03/buying-a-home-during-covid-19/

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