It is every individual’s dream to own a house. There is nothing more fulfilling than making their dream home come true. Why? A residential property can be one of life’s top investments. It is where we’ll most likely stay for good, start a family, and create a life we envision.
For this reason, the real estate industry has long been booming. Sure, it may have taken a backseat during this COVID-19 pandemic. However, it’s gradually bouncing back this year amid the ongoing crisis. It looks like there’s no sign of stopping for the real estate market.
As such, Forbes suggests we should consider buying a house now. As the novel coronavirus continues to stay, homebuyers need to be optimistic. In fact, the crisis has turned into opportunities for the real estate market. And people should take advantage of the benefits presented by the pandemic.
That said, here’s why it pays to buy a house during this pandemic at The Architecture Designs:
1. The real estate market continues to be in demand
Everyone expected that the pandemic would lead the real estate market spiraling downward. Sure, this sector went into a setback at the onset of the COVID-19 crisis. However, it has immediately bounced back this year. It appears that the market remains in demand.
In fact, the National Association of Realtors reported that home sales hit their record high amidst the pandemic since 2006. While the economy isn’t doing great and most people are financially constrained, many individuals continue to sell and buy residential properties.
2. Lenders offer the best mortgage deals
Mortgage exists for some good reason. It allows people without upfront money to purchase their dream home. The idea is to borrow money from a lender to finance a property. And borrowers will have to pay the lender based on the loan term. Once they pay off the loan, they finally own the house.
What’s great about the COVID-19 crisis is that many lenders have started offering the best mortgage deals. Banks, financial institutions, and other lending entities have considered providing mortgage rates at their all-time lows. As such, this action has led to a spike in real estate demand amid the pandemic.
3. The interest rates are significantly low
The interest most likely determines the homebuyer’s decision. People seek funding from a lender because they cannot afford to buy a house. However, they don’t want to get financing and struggle to pay a loan with a very high-interest rate.
The good news is that many lending institutions have lowered their interest rates during this pandemic. As a result, many individuals have thought about taking advantage of the situation. The crisis has paved the way for boosting the demand for housing loans.
4. The market still offers affordable house prices
Apart from attractive mortgage offers, the real estate market has also led to affordable housing prices during the pandemic. Sure, the prices went up at the onset of the crisis. However, it appears that the spike in house prices will stop in the next few years to come.
In fact, the surge in house pricing in the pandemic will end soon. People must consider purchasing a house and lot for sale in their areas. However, it’s best to take advantage of affordable pricing, even if they get a mortgage for house financing.
5. There’s a need to own a crisis-proof house
The COVID-19 crisis has made abundantly clear that a house must be the safest and most comfortable place to live in and stay for good. Homeowners have realized the value of their living spaces now more than ever.
Some homeowners have gone as far as pursuing home improvement projects. A few others have thought about purchasing a crisis-proof house. Amid the COVID-19 pandemic, now is the best time to consider buying a residential property that can stand any crisis and allow homeowners to live and get by.
No sign of stopping for the real estate market
There’s indeed no sign of stopping for the real estate industry. Sure, it may have slowed down a bit due to the COVID-19 crisis. However, it will continue to thrive this year and in the next few years to come.
As such, take advantage of the opportunities presented by the pandemic to the real estate market. Think of the best mortgage deals, low-interest rates, and affordable prices offered amid the crisis. Consider the continuous demand for houses and the need for crisis-proof residential properties.
With all these, you have all the good reasons to buy a house amid the COVID-19 crisis.