Each year, over 5 million Americans buy a new home. Since the start of the COVID-19 health crisis, many people have put their dream of owning a home on hold. While it is smart to re-evaluate your financial decisions during this troubling time, you don’t need to completely put your life on hold.
In fact, many experts maintain that now is a great time to buy a home. If you are in the market for a home, you need to find an experienced real estate agent to help you out. With their help, finding the right home and getting a good deal on it will be a breeze. Here are some reasons why now is a great time to buy a new home.
Current Interest Rates Are Extremely Low
Before buying a home, you need to check the current state of the economy. In the past few months, the Federal Reserve has lowered interest rates in an attempt to minimize the financial impact of COVID-19. These lower interest rates are especially good news for individuals who are in the market for a new home. Lower interest rates mean that you will pay less for your home over time.
Taking the time to get pre-approved for a loan before buying real estate Lake County IL is a wise move. Doing this can help you narrow down the list of residential properties at your disposal. Shopping around for a home loan is also crucial if you want to get the best possible deal.
Fewer Buyers on the Market
Another reason why now is a great time to buy a home is because there are fewer buyers on the market. This means you will not have to compete with others for a home. This also means that you may be able to get a better deal on a home.
With the help of a real estate agent, finding the right home is achievable.