Should I Buy or Sell My House During a Pandemic?
The question on everyone’s minds.
Surprisingly enough, now is a good time to get into the real estate game. Whether you are looking to buy a condo in East Windsor or sell a home in West Windsor, you can benefit from low interest rates and high demand.
If you are looking to buy or sell a home in New Jersey such as Robbinsville, West Windsor, and East Windsor, contact me today.
It’s a Buyer’s Market
This year was forecasted to be a year of economic expansion, which would mean higher interest rates. However, coronavirus has turned the real estate market upside down. Throughout the pandemic, we have seen interest rates hit all-time lows.
Below are the 30-year conventional fixed-rate mortgage rates according to Bankrate.com:
| Month | Interest Rate |
| March | 4.05% |
| April | 3.56% |
| May | 3.57% |
| June | 3.29% |
| July | 3.15% |
| August (as of 08/17/2020) | 3.14% |
As of August 17. 2020, interest rates are at 3.14%, but this doesn’t mean they won’t drop. August is predicted to end with interest rates as low as 2.99%.
Low interest rates provide homebuyers with more purchasing power. The lower the interest rates, the easier it will be for homebuyers to purchase a larger home in West Windsor, NJ, for the same price as a smaller home or condo a year or two ago.
And a Seller’s Playground
Low interest rates have buyers looking to jump at the opportunity to purchase their next home. With so many potential homebuyers out there looking to take advantage of the low interest rates, there is a shortage of homes on the market. That is where sellers can benefit. According to Time.com, demand is high, and many buyers are “essentially offering whatever the list price is.” If you’ve been looking to sell your home and upgrade or finally make a move out of the city, now is the time.
In a Virtual World
The pandemic has changed the way we buy and sell real estate. With virtual real estate tours and guided walkthroughs, clients looking to purchase a home in Robbinsville, NJ, can take a tour from anywhere, whether it’s down the street or on the other side of the country. There are many benefits to virtual tours.
For one, virtual tours are the safest way to view a property. And not only is it the safest option for the buyer, but for the seller too. Instead of having people coming in and out of your home, sellers can safely remain in their residence while prospective buyers take a virtual tour from the comfort of theirs. Not only has the switch to virtual real estate tours made real estate safer, but it’s also made it more convenient.
Explore Your Options
If you’re wondering whether or not now is a good time to sell your West Windsor, NJ, home, buy that condo in East Windsor, NJ, or buy a home in Robbinsville, NJ, our team can help. With years of experience as real estate agents, we can work together to review your options and determine what the best next steps will be for you and your family’s future. Call us today at 609-757-9647.
