5 Reasons To Buy Your Dream Home In Times Of Coronavirus In California
Undeterred by the pandemic, increased unemployment, and volatile stock market, California and the nation have witnessed higher recovery in the real estate sector in recent months. Though significant activities and the economy stopped when COVID-19 slammed the U.S. in March and April, home sales have rebounded.
Here we share the five reasons why the real estate market bounced back fast and how the upside will continue.
1. An uneven recession
Since the start of this pandemic, with over 20 million jobs wiped out and more than 51 million Americans filed for new unemployment claims, the fact is that the low-income households were worst hit by COVID-19.
But home buyers are people with high paying jobs and were less impacted by the economic downturn. If you have a secure job and have adequate savings, it is still good to invest in real estate. There will be a few opportunities in the California real estate market that never existed before.
2. Low-interest rates
The cost of borrowing is at historic lows, and mortgage applications have spiked which signals future home buying activity.
The Fed has provided low-interest policies that appeal to many home buyers. It has decided a target range of 0% to 0.25%.
Another benefit is less competition in the market.
3. Fiscal policies
Though the real estate market has been trending toward a digital experience for years, the pandemic has only accelerated the trend. Skilled Realtors could arrange home tours for you through their phone, without the need to ever go inside. Just before you make the purchase, you need to visit while following the social distancing guidelines. For investment properties you may never have to visit in person.
The chaos is easing now, and with a little flexibility, one can find the best deals. In short, it is a good time for owning a home, and if you want to chase this goal, wait no more.
4. Selling your current home is likely to be easy and quick
Many of you who are hoping to buy your dream home may need to sell your current house. If this is you, this time is favorable.
Once you sell your home, you can invest your time searching California houses for sale, and on finding one that suits your taste, buy it for a fair price. Skilled Realtors like Marc Gallardo from Bluefin Realty can even help sell your home while buying your next home at the same time.
And for new buyers, why waste money on rent any longer? If you are financially stable, then buying a home is a wise decision now.
5. Property available at reasonable prices
Another good reason to buy a home in the current situation is homes’ availability at reasonable prices. It is also the best time for buying property because many developers and sellers are willing to do further negotiation.
People have more options within their budget, and you can purchase ready-to-move-in properties at prices which you could never find before.
From the reasons mentioned above, it is clear that this is an ideal time to buy real estate. The unpredictability and volatility of the stock market have eroded investors’ confidence but also helped real estate rise to become a stable asset again. Industry experts say that it is the right time for anyone with a steady job and savings to make a real estate investment.
Considering the time and current prospects, more people in California are looking for real estate investments. If you want to buy your dream home, Bluefin Realty is here to assist you. We follow all the CDC guidelines, from virtual tours to video consultations.
We know the California market, and are here to help you make a great purchase, while following all prudent safety protocols.
Need help to buy your home now? Contact us today.