Should I still buy a Home during the COVID-19 crisis?
 
Answer: YES! And here's why now is a great time...
 
We've been in a "seller's market" for a few years now, meaning that there has been more demand from buyers than home inventory for sale. This means that many homes have had bidding wars, with multiple offers driving up prices and leaving many potential buyers with no home at all.
 
But that's not the case right now. Inventory is tight
 
So why not wait? One reason is mortgage interest rates are currently GREAT and hovering around 3%. Won't home prices come down because of the virus crisis? The answer here is, "No, not likely." Many potential sellers will choose not to list their home during this time, especially if home prices drop at all. With the mandatory "stay at home" in place, many can't properly list their homes with photos and meetings with their realtor. That means inventory will remain tight, with less homes to choose from and more demand.
 
Besides, even if home prices do come down some, they will rebound after the Lock-down, driven by buyers wanting to take advantage of these historically low rates before they go up as the economy picks back up and recovers. Rates will be lowest now and in also the first 30 days post lock-down because with the spring/summer scramble mortgage rates are likely to rise at the same time. So Buying a home now, with rates as low as we are seeing, makes homes more affordable.
 
If you'd like to discuss it more, or maybe find out more about home inventory and affordability in our area, reach out anytime. I'd be glad to talk about it with you, and there's never a charge or obligation.
 
Check out the Links, listings and resources on this website and let us hear from you.  We would love hearing from you and enjoy helping everyone.  
 
Tom Stachler is a state licensed real estate broker and builder with over 30 years experience.  Let him or a team member assist you today in the Dexter, Ann Arbor, Saline, Ypsilanti and other surrounding communities.