When stay-at-home orders became widespread in March, it would’ve been safe to assume that the economic shutdown and ensuing uncertainty would cause prospective home buyers to put their plans on hold. And they did, for a while. But now, just a few months later, it looks like staying in has increased home buyers’ desire for making the move.
Higher Home Buyer Demand
In fact, according to one new survey, 53 percent of homebuyers say they are more likely to buy a home in the next year because of the pandemic – compared to 27 percent who said they hadn’t changed their plans and 20 percent who said they’d be less likely to buy. But why would the coronavirus make home buyers more enthusiastic to buy? Well, the vast majority said mortgage rates. Rates were already favorable to start the year but are now at record lows. That makes buying more affordable and presents movers with an opportunity to lock in a historically low rate.
Upsides of the Pandemic
Another reason is Americans have been able to save money during lockdown because they’ve been spending less. That means more money set aside for a down payment. Perhaps the most relatable reason survey respondents gave, though, belongs to the 28 percent who said they were ready to make a move because they’d been stuck in their small space for so long. Click on the link for more information (source).
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. Get pre-approved and start shopping for your dream home by clicking here.