by Nutan Brown
on Monday, June 22nd, 2020 at 12:02pm.
With the spring market coming to a close after an abnormally slow season, many potential buyers are asking themselves if now's a good time to buy. It’s a fair question, since the latest data suggests that activity might warm up heading into summer, and sales have increased by 55.2% from April to May.
If you find yourself in this position, there are a few factors to consider before making a decision.
Better Price vs. More Variety
Pent up demand will likely result in a busier summer than usual. If you want to beat out the competition, now would be a good time to jump into the market. With less people competing, your chances of sparking a bidding war are much lower, and would likely result in a better closing price for a home.
On the other hand, if you want more selection in the home buying process, waiting until the market reaches its peak would offer you a greater variety of homes to choose from. You might end up paying a little bit more, but if you plan on staying in the home long term it may be worth it.
You should also consider your financial situation before entering the market. If you've already saved for a down payment and it’s not tied up in other investments, you may not be effected by the economic downturn.
If you’ve maintained job security during the health pandemic, and can ensure your employment will continue moving forward, then this could be the right time to make a purchase. Otherwise, you’ll want to wait until your work picks up and you can ensure financial security.
Ultimately, the answer of whether or not you should buy a home right now depends on your circumstances. But it never hurts to look! If your dream home is out there right now, and you’re in a position to make a purchase, why not do it?