Is It a Good Time to Buy a House Now?- Curious what time of year yields the best bargains on homes for sale? Spring has historically ranked as one of the best times of the year for buying a house in Texas. But since the COVID-19 pandemic wreaked havoc on the plans of countless Americans, you might be questioning whether you should put your intentions to buy a new house on hold. Do experts still think spring will still be a good time to buy a house in 2021?
COVID-19 has impacted the real estate market significantly and challenged homebuyers to reassess their purchasing plans. But it doesn’t look like those in the market to buy in the spring should worry too much. One of the most notable things about the real estate market is that mortgage rates are some of the lowest in years. Secondly, many homebuilders and developers are attracting buyers by offering special deals, such as discounted prices, waived closing costs, appliance upgrades, and more. The good news for prospective homebuyers with a stable income is that the mortgage interest rates that made homes so affordable in 2020 are projected to remain extraordinarily low in 2021. (The average 15-year-mortgage interest rate for 2020 was very low at 3%; the average rate is projected to remain between 3-3.3% in 2021.) Moreover, the pandemic-inspired decline in inventory will slow and balance; so there will be inventory available at reasonable prices. Inventory will improve as the number of sellers begins to grow and homebuilders and developers increase the options in new construction, leading to a more normal pattern of property availability.
The frenzied sales pace of late 2020 will likely slow from that tempo according to market experts; but speedier-than-usual home sales will continue across the country, including in Texas. The fast-moving real estate environment will challenge buyers, but those who have prepared by pinpointing the desired area and/or neighborhood where they want to live, as well as defining the characteristics in a home that they must have (versus those that are unnecessary and would just be nice to have). They should also make sure they have determined exactly what their total budget is and that they secure financing (including a loan pre-approval), so they will have the advantage. Homebuyers in Texas should also be aware of helpful resources such as programs offered by the Texas Department of Housing and Community Affairs.
If you are in the market for a new home, housing market research will help you choose a house that satisfies your needs and desires. Consulting a knowledgeable real estate agent can help is your best bet for navigating the market and understanding your options. If you are interested in viewing houses that are available on or near the Texas coast, WEICHERT, REALTORS® – The Place of Houses is the professional realty team to call. The Corpus Christi, Texas-based company employs experienced real estate specialists who offer exceptional guidance and support to their clients as they go through the buying process. Contact WEICHERT, REALTORS® – The Place of Houses so the expert real estate group can assist you in finding your new home.
