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Is It Smart to Buy a Home Right Now? Actually… Yes.

With unprecedented closures and social distancing measures changing the way we do everything from business to everyday life, the economy has been in a state of upheaval, leaving many would-be buyers wondering if it’s smart to buy a home right now. Some have put their searches on hold, while others have continued on the hunt. So, who’s right? Is now a good time to buy a home?

It’s Not Easy, But It IS Smart to Buy a Home Now

searching for a home in the triangle

According to ShowingTime, the real estate industry’s leading showing management technology provider, March saw the first nationwide drop in showing traffic in eight months. However, April’s data indicates that things might be starting to pick back up again.

So, why is traffic increasing? Aside from more personal reasons for buying, much of this increased interest is driven by the knowledge that now is actually a financially smart time to buy.

Here’s exactly why buyers are getting back in the market.

Agents are becoming innovative

online signature on a phone

With in-person showings limited, or even completely disallowed in some areas, real estate agents have been turning to technology to continue helping clients find home.

Using technology, agents are able to give buyers and sellers an almost entirely virtual real estate experience, including video consultations, virtual tours, online mortgage applications, e-signatures, and more.

Mortgage rates are rock-bottom low

low mortgage interest rates in the triangle

Mortgage interest rates are a huge financial factor when it comes to buying a home. The difference in a few fractions of a percentage could be tens of thousands of dollars over the life of a loan! Today, these interest rates are hovering near an all-time low, making homebuying significantly more affordable for many borrowers.

Some buyers need to move

moving because it's a good time to buy

For many buyers, their upcoming home purchase is a matter of necessity. A change in job, familial status, or finances could be driving a buyer’s need to move on a timeline. Real estate is often not simply a financial transaction, but a necessity.

Bottom Line: Is It a Good Time to Buy?

happy home buyers in the triangle

As with any buying or selling decision at any time, the decision to buy or sell must be made on a personal basis. If you’re financially in a place to take advantage of low mortgage rates, then yes, it’s a smart time to buy. If you’re happy househunting online and aren’t daunted by limited in-person interaction, then it’s a good time to buy. If you have to move for one reason or another, then it’s a good time to buy.

Is It a Good Time to Buy in Raleigh?

Before the health crisis hit, the Raleigh-area real estate market was hot. Demand was high, home values were high but still affordable, and supply was low but steady. While the market definitely slowed as restrictions increased, it has remained active, and hopes are that it will pick up again as the country and the state begin to reopen.

Concerns about how your Raleigh home buying plans might have been affected by the COVID-19 pandemic? Contact Linda Craft & Team today; we’re more than happy to answer any questions. Give us a call at 919.235.0007 and let us put our 350+ years of combined experience to work for you.

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