Posted by Apex Home Loans ● June 10, 2020

Buying a Home Might Not Be Easy Right Now…But It’s Smart.

Buying a Home Right Now

Given all the volatility in the economy right now, some buyers have put their search for a home on hold; however, some others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In a recent report, they revealed:

“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”

Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country? Here are three reasons for this uptick in activity:

  1. Some people need to move. Whether because of a job transfer, a new birth, a death in the family, divorce, financial hardship, some families need to make a move as quickly as possible.

  2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually: view homes, meet with mortgage professionals, and consult with their agent throughout the process. All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.

  3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments. Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan. Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last December and purchasing one now (see chart below):

chart: you save when buying while rates are low

Bottom Line

Many homebuyers have decided not to postpone their search for a home, even in these difficult times. If you need to make a move, let’s connect so you have a trusted advisor to safely and professionally guide you through the process.


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Topics: Buying a Home