Why Now is the Perfect Time to Invest in the Real Estate MarketPosted Wednesday, November 24, 2021
Making a big financial decision has become much more complicated due to the ongoing COVID-19 pandemic. Certainly, the up and down trends of the real estate market have been greatly affected. If you were thinking about investing in property, the good news is that now is an excellent time to be purchasing. There are several factors contributing to the real estate market favoring home buyers:
1. Mortgage Rates are Near Historic Lows
Current mortgage rates remain historically low. A home buyer can currently lock in a 30-year mortgage rate at or below 3%, a significant drop from the 4% rates seen before the pandemic. Additionally, the Federal Reserve has committed to keeping interest rates low through 2022, which has a substantial effect on mortgage rate trends. It is still important to consider what you can afford, and it is always recommended to confer with your local realtor about what options are best for you.
2. More Homes for Sale
The angst of the pandemic has caused many prospective home buyers to put their plans on hold, creating an ideal scenario for anyone looking to purchase. For this reason, the inventory of homes for sale is above the normal average.
3. The Right Season
Any local realtor will tell you that finding a home to purchase in the fall and winter is much easier than in the warmer months. Many contributing factors, such as the holidays and the difficulties of moving in during the winter, equate to the real estate market favoring the buyer.
Buying a home is no easy feat unless you have a real estate agent who is looking out for your best interest as a buyer. Having a knowledgeable local realtor makes all the difference in the process of purchasing a home.
If you’re looking for a top-rated listing and real estate agent, look no further. Contact The Sharon Falco Group today at (630) 307-2760.