There’s a lot of debate recently about where the economy is headed. The state housing market in particular, is riddled with questions. Is it the right time to purchase a home while COVID-19 is pushing mortgage rates to record lows? This is just one of the many things that people are trying to get answers on. One sure fact, though, is that the real estate market still pushes forward even in the time of crisis.
Is purchasing a home in the middle of a pandemic even worth it?
Housing prices have held up quite well and even saw an uptick recently. However, the future of employment is still in the abyss. There’s still a lot to be said about the current state of employment in the country. The current Myrtle Beach real estate may hold a mixed bag of opportunities for people at opposite ends of the spectrum. It basically boils down to whether you are selling or buying a home in these trying times.
Housing prices are seemingly on a steady incline
If you are planning on buying a home during this time, be prepared for the increase in home prices. According to recent data from Realtor.com, median listing prices have gone up by 5.6% from last year. If you are in the market to find good prices, it is best to buy now while prices are relatively low. Delaying your purchase would mean paying more as the market is seeing a steady increase in prices and it may not drop any time soon.
Selling your home is easier now
The pandemic has brought a lot of suffering to a lot of people and it has hurt the economy badly. However, it brings a surprise boon to would-be home sellers. A lot of sellers have removed their listing from the market. This means less competition from other sellers. In case you plan on moving to a different part of the country, selling a home is not a lot easier. Of course, this would also mean adapting to the current trend in the market. Gone are the days of walk-in clients checking out your property. If you are unaware of the recent changes and the best ways to sell your home, you could contact experts like Full Potential Real Estate to aid in the sale.
Mortgage rates have plummeted to all-time lows
Data from Freddie Mac shows that a 30-year fixed-rate mortgage has gone down to 3.13% and a 15-year mortgage fell to 2.59%. For a clear comparison, a 30-year mortgage was at 3.72% in January. You stand to gain thousands of dollars in savings should you choose to take advantage of the low mortgage rates now. Apparently, the housing market hasn’t been brought down to its knees by the Coronavirus. Instead, it made the market better for buyers and sellers alike. However, it is advised to continue watching the market as trends may shift rapidly depending on where this pandemic takes us next.
Are you undecided on buying a home in this time of pandemic? Let Full Potential Real Estate help you out! Call us at (843) 236-0203 for more information on our services.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577