While low-interest rates have made this is a decent time to buy a house, mortgages are harder to come by and there is less inventory on the market.
The Associated Press reported that new home sales were down nationwide by 15.4 percent in March. The median price for a new home also dropped by 2.6 percent in March to $321,400 from $330,100 in February.
However, the low mortgage rates and higher demand could fuel a rebound in late 2020 or early 2021.
“If you’re looking to purchase a home, be aware that rampant unemployment has lenders nervous, and many banks have raised the minimum credit score needed to qualify for a home loan. You may need a minimum score in the 700 range. In addition, you might be looking at putting down a minimum 20 percent down payment.”
Of course this all depends on how quickly the coronavirus is handled here in the US and whether or not we see a second wave once states begin the re-open process.