As the COVID-19 pandemic unfolded this year, a place to call home took on a new meaning for many. Living spaces evolved into home offices, schools and playgrounds. Stay-at-home restrictions this year may have accelerated your desire to purchase a new home to gain more space or perhaps you were prepared to buy a home this year but are now reevaluating your commitment. To help you determine if now is still a good time to search for and purchase a home, below are a few misconceptions about home buying right now.
Myth 1: Interest Rates are High. This is not true. In fact, interest rates are low, making it an attractive time to purchase a home. While rates are subject to change at any time, the Federal Reserve recently announce that it intends to keep the federal funds rate near zero through 2022, which should help keep mortgage rates low.
Myth 2: No one is buying homes right now. Even in the wake of the COVID-19 pandemic, sales of newly built, single-family homes rose 0.6 percent to a seasonally adjusted annual rate of 623,000 units in April, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The data shows that home sales are continuing.
Myth 3: Buyers can only view the home’s exterior. There are many ways to view the interior of the home even with social distancing measures in place. You’ll be surprised by the number of online showrooms, photos and even 3D videos available that show the interior of a home. Websites such as Realtor.com, Redfin.com, Trulia.com and your local custom home builders have detailed information about the interior of a home. Contact a local relator or home builder who can tell you about the options available to safely tour homes in person.
For more information on how to find a home in your area contact your local association here.