“Should I buy a house?”
Google Search data in the U.S. shows that buying a home is still on the minds of many Americans, and even more so during the current pandemic.
Many aspiring homebuyers may be torn between historically low interest rates and the unknown path that the outbreak will have on the economy.
The good news is that previous speculation that the pandemic would slow the housing market has proven to be false. Not only is the housing market showing signs of a recovery, but both regionally and locally the market remains strong.
And this holds especially true in the Northern Virginia/Washington DC market. Recent NVAR Reports show homes are selling very quickly, indicating that there are still many homebuyers competing for listings. In May 2020, in most markets across Virginia, homes sold in an average of 38 days, which is more than a week (9 days) faster than last year at this time.
The other good news is that homeowners do not have to feel the need to compromise their safety to see homes for sale. The housing industry has been moving toward online communication and transactions for years, so it’s already geared up to accommodate social distancing, from conducting video tours to financing online.
Reasons why now is a good time to buy*:
- 30-year mortgage rates hit a record low in early March and have remained low since, which means your monthly housing payments will be lower, too. This can be seen as an even stronger motive for renters looking to buy, as locking in a low interest rate gives buyers more control than living in a rental where rental rates might go up.
- If you’re looking to sell your home, prices are remaining steady and in many areas, the demand remains high. So if you’re looking to sell your existing home and buy a new one, you’re in a good position
- Increase in options available for buying from the safety of your own home
- Incentives available for our front-line workers – healthcare professionals, active military, and so on. For example, take advantage of our one-time closing bonus at the Skyview Towns in the Mt. Vernon area of Alexandria, VA!
ADVANTAGES OF BUYING A NEW HOME VS A RESALE
- NEVER LIVED IN – there’s something to be said for the desirability of moving into a home no one has lived in before. You can expect it to be clean and pristine upon move-in – with brand new appliances that have never been used.
- Ability to customize – You’re able to have the builder customize the home before construction is completed, so it will be built with your personal touch – a big bonus!
- New, modern design elements and technology geared toward the needs of today’s buyer. This means the space for home offices,modern home wiring, green energy savings, availability of touch-less plumbing fixtures, open spaces, and more
- Acceleration toward sustainability, including designs for healthier living. The Christopher Companies is continuously striving to increase sustainable practices within the development and construction of new homes. This means materials that improve air quality, improve energy efficiency and comfort at home. This also means potentially lower utility bills.
- Less of a maintenance burden. With brand new appliances, plumbing, heating, and air, you should be repair free for at least a few years
And the best news of all? The Christopher Companies as a variety of exciting opportunities across the Northern Virginia area as well as by the Delaware Beaches! Whether you are looking for a single family home, townhome or condominium; a location nearby D.C., or nearby the beach; an amenity-abundant community or a quaint cul-de-sac location, we’ve got you covered!
*Please note, this blog is an opinion and not advice. Further, it does not take not take into account one’s personal financial situation. Of course, job and income stability play a large role as to whether right now is the right time for you and your family to buy.