Is it wise to purchase a home during a pandemic?

Green Escrow | Real Estate News

Would-be home buyers are confused as to whether it’s wise to even consider purchasing a home during a pandemic. Some points to consider:

  • Interest rates are low: With interest rates below 3 percent, this is certainly something to consider. Many analysts say that homebuyers should consider a 15-year fixed mortgage for even lower rates.
  • Competition has dwindled: Many real estate agents cite a decrease in buyer interest. On the other hand, some sellers are taking their homes off the market.
  • Heading to a recession? With the economy struggling, homebuyers need to be sure that they will be able to handle mortgage payments.
  • A longer process: While most states consider real estate professionals as “essential,” much of the process it’ll be done remotely and while certainly take longer to complete