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 witness 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 the people with well-paid jobs and who were less impacted by the economic downturn. If you have a secured job and have adequate savings, it is good to invest in real estate. There will be a few opportunities in California houses for sale, which never existed before.
2. Low-interest rates
The cost of borrowing is at historic lows, spiked in mortgage applications, which signals future home buying activity.
The Fed has done its part with low-interest policies that appealed to many home buyers. It has decided a target range of 0% to 0.25% and that the interest can be paid as required and with an excess reserve at ten basis points.
Another benefit is less competition in the market.
3. Fiscal policies
Though the real estate market has embarked on a somewhat remote or digital experience for years, this pandemic witnessed its utmost benefit. Skilled Realtors could arrange home tours for you through their phone to enable the house’s sense without even the need to go inside. Just before you make the purchase, you need to visit while following the social distancing guidelines.
The chaos is easing now, and with little flexibility, one can crack the best deals. In short, it is a good time for owning a home, and if you want to chase this life 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 the 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 at 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 to waste money on rentals for 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 properties besides low prices. Many developers are willing to do further negotiation.
People have more comprehensive options within budget bandwidths, and you can purchase ready-to-move-in properties at prices which you could never realize prior.
From the reasons mentioned above, it is clear that this is an ideal time to buy homes. The unpredictability and volatility of the stock market have eroded investors’ confidence but also helped real estate gain a positive resistance as a stable asset. The industry experts say that it is the right time for anyone with a steady job and saving to make a real estate investment.
Considering the time and current prospects, more people in California are looking for real estate investment to fulfill various purposes. 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 about beautiful California houses for sale and are here to help you make a great purchase while keeping in mind safety measures.
Need help to buy your home now? Contact us today.