Everything in life is uncertain, but especially now with the ongoing health crisis due to COVID-19. Though vaccination rollouts have already been handed throughout the 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 right now. For an untrained eye, buying a house does not seem like a wise move. After all, many other pressing needs have to 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 they intended. Mortgage rates at their historic lows and the chance to save up more are just a few of the 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 at 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 then 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 are qualified to get 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 spring-summer months that the demand for housing is high.
Nonetheless, the market eventually picked up, mainly due to the historically low mortgage rates.
Despite the limited housing supply, you can still find plenty of suitable housing options in the market. 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 are likely to make out of it.
Secondly, a lot of 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 more of high value than it is today.
Furthermore, one can enjoy certain tax benefits and exemptions when owning fundamental properties.
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 are readily willing to help hopeful real estate buyers land the best deals in the market. It is not all about hitting quotas; agents are compassionate in building their 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.
The number one consideration you must contemplate in buying a house is your finances. 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 first 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.