Three Myths About Buying a Home Right Now
Judie Docs, Executive Officer, North Coast Building Industry Association (NCBIA), CSP, MCSP, CGP, CMP, MIRM
As the COVID-19 pandemic unfolded this year, a place to call home took on a new meaning for many. Living spaces evolved into home offices, schools, and playgrounds. Stay-at-home restrictions this year may have accelerated your desire to purchase a new home to gain more space or perhaps you were prepared to buy a home this year but are now reevaluating your commitment. To help you determine if now is still a good time to search for and purchase a home, below are a few misconceptions about home buying right now.
Myth 1: Interest Rates are High. This is not true. In fact, interest rates are low, making it an attractive time to purchase a home. While rates are subject to change at any time, the Federal Reserve recently announce that it intends to keep the federal funds rate near zero through 2022, which should help keep mortgage rates low.
Myth 2: No one is buying homes right now. Even in the wake of the COVID-19 pandemic, sales of newly built, single-family homes rose 0.6 percent to a seasonally adjusted annual rate of 623,000 units in April, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The data shows that home sales are continuing.
Myth 3: Buyers can only view the home’s exterior. There are many ways to view the interior of the home even with social distancing measures in place. You will be surprised by the number of online showrooms, photos and even 3D videos available that show the interior of a home. Websites such as Realtor.com, Redfin.com, Trulia.com and your local custom home builders have detailed information about the interior of a home. Contact a local relator or home builder who can tell you about the options available to safely tour homes in person.
For more information on how to find a home in the area, contact the NCBIA.
Just Built! Our 24/7 Virtual Parade of Homes!!! Allows you to look at some of our builders’ new homes and communities on your mobile device or computer at your leisure (including our remodelers) We know time is our greatest asset and via our NCBIA Virtual Parade of Homes, we save you time looking for a new home or a community that fits your lifestyle. The Virtual Parade of Homes is open online 24/7. Many of the homes featured in our ALL NEW Virtual Parade host regular open house hours for those consumers who are looking to tour the actual homes. You can click through to builder websites to see what they have to offer. CLICK HERE to view now.
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Homeownership is truly a cornerstone of the American way of life. North Coast Building Industry – Come Build with Us!