COVID has certainly influenced all facets of life, most of it not positive. But the pandemic had a real winner amid its destruction: residential real estate.
In May 2020, when the National Association of Realtors surveyed members on the impact of COVID-19 on their markets, 68% of respondents said that no sellers had reduced listing prices to attract buyers.
Then in December, the national median listing price — $340,000 — was higher than the previous year, Realtor.com reported. Interest rates hit record lows several times recently, and economists suggest a housing crash is unlikely.
So when is it a good time to buy a house? It will depend on your unique financial circumstances and local market dynamics. Before you assess the current real estate market and pay close attention to interest rate fluctuations, it’s important to understand your financial and personal situation. By evaluating your unique situation, you can decide if you are in good standing to make the move.
As your Central Coast real estate agent, I’m here to help! Here are a few factors you may want to consider before deciding if a new home is a good play right now.
- Making Room in the Budget: Your budget should be big enough to cover a down payment as well as closing costs, which typically include homeowner’s insurance, appraisal fees, property taxes, and any mortgage insurance.
- Remaining Consistent: The pandemic has brought uncertainty to main job sectors. Consistency in your job/retirement income is crucial when looking to buy a home on California’s Central Coast.
- Check Your Financial Profile: Make sure your credit history, debt-to-income ratio, assets, and others are at proper levels prior to applying for a new mortgage.
- Check Those Interest Rates: Rates have been fluctuating but are still at historically low levels making it a great time to buy!
The real estate market is always changing, but the desire to own a home does not. If you have Central Coast real estate goals you’d like help with this year, as a buyer, seller or both, give our Oak Shores Realty team a call today! Let’s discuss your goals, your timeline, and a plan of action, to make those goals a reality as soon as possible.
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.