Pros & Cons: Is the perfect good time to buy a house?

ByReyes Signature Properties

Buying a house is an exciting and overwhelming time that symbolizes the start of something new. Whether you are shifting for work, family, or any other reason moving house is a big deal. But with that, it is a huge undertaking, and to some extent, it’s always a scary prospect as it is the biggest financial decision many people make. 

Are you thinking of buying a house right now? During a pandemic? It’s a whole other ballgame. You should ask yourself why you are looking to buy it? Sometimes moving house can’t be helped and therefore it needs to happen sooner or later. Buying a home today could be a great idea, but if you are financially strong.

In this coronavirus pandemic, how people buy and sell and even move has changed. And it’s reasonable to wonder about the advantages and disadvantages of buying a house as some find it familiar and some find it hard.

Let’s sort out the pros and cons of the current market conditions. 

Pros of buying a house right now 

It seems crazy to buy a home where the country is tackling a major health crisis, but it pays to buy right now due to these reasons.

  • Mortgage rates are competitive.

It’s reasonable to think that the real estate market will not flat strap in this pandemic as the average interest rate of a 20 year fixed mortgage has been under 3%, while a 15-year mortgage is steady at 2.5% as of now. It means that housing prices won’t fall across a few months as many people lose their jobs, and they can’t afford to move. It alone makes the argument for buying now for people in a good financial position. It’s time to look for a house to buy as it will be less competitive as most people cannot buy a house in this situation. It also reduces the chance of losing your dream house to another buyer, and you get to look for a house for sale in San Antonio in Texas.

  • Potential of good prices

We know very well that the real estate market won’t move their prices for a few months, but sellers may reduce the cost if they are desperate to sell. Sellers may offer a good deal to incentivize buyers. It may come into a result because the seller may purchase another property, or they need to move. It is enough reason for getting a good deal to buy a house right now. 

  • Real estate agent dedication

Real estate agents work based on commission, and they will need it to take care of themselves and their families. Under normal conditions, they are dedicated to working, but during this pandemic, they make sure that buyers get to show the best house so that they can buy an agent and get commission after getting the sale. San Antonio realtors will be more open and honest about prices and offer to you.

  • You may have time to move

In this pandemic, it is an excellent time to move as it is a time-consuming process. Instead of hiring movers, if you can pack and transport everything yourself, it will not cost you more. You can pack as you have not loaded with a social or travel plan during this situation and get more flexibility in the schedule if you work remotely.

Cons of buying a house right now 

On the other hand, knowing the pros, let’s see why you want to skip buying a house and know its cons in this pandemic as the recession has just entered. 

  • Virtual inspection

Due to the current situation, showing houses around takes place depending on local health regulations. However, most real estate agencies are still conducting a virtual inspection. From the buyer’s point of view, it seems negative as buyers can’t get the feel of a place online, and it can also happen that they get surprises later. When they enter the house, they realize that they weren’t expecting this at all.

  • Inflexible nature 

It is a whole spontaneous process that you show up to an open house on designated days or call an agent for a home show, but now everything must be scheduled. People need to be at a social distance and have to sign health waivers. This regimented showing process in the name of health and safety can take the shine of looking for a new home.

  • We’re in a recession

In this recession time, you are more likely to lose your job and remain unemployed for a longer time. So you may want to reserve your savings in case you lose your job, and you don’t want to put that money into a down payment to buy a home.

  • Lenders are stricter 

Some lenders are imposing very tight requirements to qualify for a mortgage. Unless your credit card is competitive, you won’t qualify for mortgage rates, which means you will pay a higher price without savings of a lower rate.

Conclusion:

It ensures that it’s an interesting time to buy a home and get a house for sale in san Antonio in texas. If you’re going this route, be flexible. To narrow down your option, you need to rely on virtual tours rather than in-person viewings. If you are ready to roll with the punches, you may find the process of buying and searching for a house is manageable.

There are many factors included in buying a house. Want to know the steps of buying?