The effects of the coronavirus pandemic on the real estate market have created an environment that might be perfect for first-time homebuyers. At least those who still have a job.
Mortgage interest rates are hitting historic lows while home prices have decreased and may decrease even more over the coming months.
Here’s what you should know if you’re looking to buy a home now.
Now may not be the perfect time to buy, but there will definitely be good deals in the months to come.
Keep your eye on HUD homes, which are government foreclosed homes. They’re often priced low, with small down payments, and depending on how long the coronavirus pandemic affects the economy, there may be a large inventory in the coming months.
Before you jump in, make sure that your job and relationships are stable.
Figure out how much you can realistically afford and make sure that you can get a loan based on your credit score and income.
You won’t be able to view many houses in person. Most will be virtual tours, at least for the foreseeable future.
“Americans can check out the U.S. Department of Housing and Urban Development’s information on mortgage affordability, including state homebuyer programs. Even though mortgage rates are ultra low, getting one has become harder in the U.S.”