Should I Buy A Home Now?


Should I Buy A Home Now?
By Scott Rogers • March 26, 2020
School is cancelled and/or happening at home for the rest of the year. Businesses are closing. Folks are encouraged to stay at home and certainly not spend time in groups any larger than 10 people What does this mean for someone thinking about buying a home? If you were planning to find a home to buy this Spring, should you keep searching for that home and get ready to move forward with a home purchase, given the current state of affairs? As usual, it depends... Yes, you should buy a home now... Your job may be one of the many that is not at all impacted by social distancing and there may be zero doubt of whether your work hours or income will change in the future. Interest rates are tremendously low right now, giving you a great opportunity to lock in your housing costs for the future. You might have a little less competition from other buyers right now if they are temporarily pausing their home search. We are not yet seeing any indications that the current state of affairs will be negatively impacting home values in our local market. No, you should not buy a home now... If your job or income might be affected by social distancing and working from home, then you might want to hold off on your home purchase. If you are only plan to own your home for a few (2-3) years, then you would be more affected if home values did end up being negatively impacted. If buying a home would drain your cash reserves (because of the down payment and closing costs) that could make it harder for you to deal with any other economic changes we might see in the coming months. So, plenty of reasons to buy a home right now, and plenty of reasons to wait for a bit. As usual, the right answers for you depends on your specific situation as it pertains to where you are living now, why you want to buy, your plans for the near-term and long-term future, your budget, your overall finances, your current job, your future work prospects, etc. So, if you were planning to buy a home this Spring, let's talk things through and make sure we're thinking about it all from all angles and ensure that you are making the best real estate decision for you given your circumstances and goals. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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