Although we’ve been dealing with a global pandemic for almost a year now, there’s never been a better time to buy a home. Because of how the market has been affected by foreclosures, evictions, and the general trend of interest rates, the housing market is rife with opportunities to find a great home at a low price.
In case you’re in a position to buy a home right now, let’s go over why the market is looking so good right now, as well as a few things you should keep in mind when house-shopping.
1. Low Prices
The biggest reason why it’s a great time to buy a house is that the prices are lower than they’ve been in several years. As the prices of homes continue to slowly decrease, we could be nearing rock bottom.
Nobody knows exactly when the market will bottom out but we do know that prices are only going to increase from that point forward. It appears we’re nearing the bottom of a pricing decline, however, so you want to take advantage of this before prices start to increase again.
Currently, even upscale homes built using tilt up construction can be found for incredibly low prices.
2. Low-Interest Rates
Not only are prices low, but interest rates are low as well. They’re lower than they’ve been in 50 years, as a matter of fact. This means securing financing is also more affordable than it’s been in a long time. If you’re in a relatively stable financial position, you should be able to secure a loan at astonishingly low-interest rates.
3. Additional Incentives
Lenders, home builders, and residential homeowners trying to sell are all desperate to compete with the rest of the market right now. Because of this situation, you can find all kinds of bonus incentives and offerings from those who want your business.
Extended warranties, cash incentives, prizes, and no-fee mortgages are all on the table right now. It’s very rare to find a market where all of these factors are converging at the same time, and it won’t last forever.
Home Buying Tips
Of course, just because you find a home for a great price doesn’t mean you buy it. Even seemingly upscale homes can have lurking issues that will pop up on you down the road, leading to expensive remodeling and repairs.
Check the roof, for instance, to determine the condition of the shingles. A home marketed with “real wood shake shingles” might require extensive maintenance to keep them in top shape.
However, metal shake shingles styled to look like real cedar will look almost identical, yet won’t require even a fraction of the maintenance that real wood shakes do. Keep an eye on the smaller details of a home as well. A home with high-quality garage door trim, for example, could hold some hidden value in certain local markets.
All in all, a new home is one of the best investments you can make right now. With so many favorable conditions lining up at once, buyers are at a serious advantage right now.
Authored by: Matt Lee
- Matt Lee is the owner of the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.
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