Everything in life is uncertain, especially with the ongoing health crisis due to COVID-19. Though vaccination rollouts have already been handed out throughout different parts of the world, the pandemic continues to threaten the economy.
Given this, many young professionals do not see the value of investing in real estate. Buying a house is not a wise move for an untrained eye. After all, many other pressing needs must be addressed, like medical care, emergency funds, and monthly groceries and bills.
Nonetheless, as we are months deep already in 2021, here are some excellent reasons why you should join the housing market and land your dream home.
3 in 10 millennials reported the COVID-19 pandemic pushed them to house hunt earlier than intended. Mortgage rates at their historic lows and the chance to save up more are just a few reasons buying a house could be your next best move in 2021.
1. Mortgage Rates are at an All-Time Low
The drastic economic impact of the COVID-19 pandemic caused mortgage rates to spiral down to their lowest since the 70s. Any savvy investor knows that, given this scenario, it is the most suitable time to purchase a real estate property.
Even with stimulus checks and businesses returning to their usual operations, mortgage rates remain at their lowest in the foreseeable future.
Low mortgage rates mean lower home loan interest repayments. Prospective homebuyers could allocate the extra amount on other necessary investments such as healthcare, retirement, and emergency savings.
Rather than continually pay rent, check with the best mortgage loan lender in town to see if you qualify for a home loan. You are a few steps closer to finally owning your house.
2. Good Options Available on the Market
During the onset of the COVID-19 pandemic, the real estate market was at a standstill. Housing demands have significantly dropped since the 2007 housing crisis. Typically, it is during the spring-summer months that the demand for housing is high.
Nonetheless, the market eventually picked up due to the historically low mortgage rates.
Interestingly, although listings have been limited during the past few months, the demand for housing remains high. People want to buy houses this time.
You can still find plenty of suitable housing options despite the limited housing supply. Experts also predict that any time soon, the housing supply will increase to match the demands of the buyers.
3. Real Estate Is Always a Safe Investment
Real estate properties are among the timeless investment options any seasoned investor would agree. For one, real estate properties only appreciate with time. The longer you hold on to your real estate property, the more money you will likely make from it.
Secondly, many millennials are willing to purchase fixer-upper houses as their first homes. With the proper renovation and repair, you can transform your real estate property into something of a high value than it is today.
Furthermore, owning fundamental properties can enjoy certain tax benefits and exemptions.
The COVID-19 pandemic has indeed changed even the real estate market landscape. Nonetheless, real estate agents are quick to adapt to meet the needs and demands of their clients while continually hitting their targeted quotas.
During these difficult times, brokers readily help hopeful real estate buyers land the best deals. It is not about hitting quotas; agents are compassionate in building relationships with existing clients. And it is for a good reason.
Having a good reputation as a real estate broker means your clients are more likely to recommend your service to others.
Apart from the abovementioned factors, why buying a real estate property is a must-go amid the COVID-19 pandemic? Remember to consider other elements for you to weigh your choices properly.
Your finances are The number one consideration in buying a house. If you are one of the many whose employment status was affected by the pandemic, perhaps purchasing a home might not be the right call this time.
On the other hand, if you are still employed, check if this ongoing health concern threatens your current employment. We would never know. Most importantly, check your credit score. It plays a huge part in landing the best mortgage deal to finance your housing dream.
