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Chief
Because when the eviction and foreclosure moratoriums are lifted, supply is going to skyrocket pushing prices down. Fed will keep rates low when that happens. It’s very much a sellers’ market right now. Stuff is going above asking, all-cash, with appraisals waived.
Chief
It will take over a year to ramp up vaccine production enough to get a majority of the populace vaccinated. And coronavirus are highly mutable (common cold is a coronavirus) so there’s a strong chance this could be like influenza where we need annual vaccines to reduce the spread.
Because no one is selling due to COVID and no one wants to have open houses so there is low supply of houses on the market meaning the prices are higher than they should be
Chief
We’ve never had a recession without a crash in the housing market. It doesn’t take a crystal ball to predict that. Timing it is an entirely different story.
Location location location
It really depends where you are. Some homes are going at 10-20% above asking; others aren’t.
It also depends what you can afford. Some may want a home but value the security of having that down payment during this economic environment.
I don’t think anyone is saying blanket statements like “it’s a bad time to buy a home”.
If your job is stable, buy. I have a 15yr at 2.5 and my best friend got 2.08. Only reason why mine was higher is because I took out an extra $100k.
The Biden Administration will make sure all Hell doesn’t break loose in 2021 so I’d buy if I were you. I’m going to refinance my mortgage, not in any rush because rates are never rising again.
Look around the world. Switzerland, Denmark, Japan all have negative interest rates and a bunch more countries set the rate to zero. Banks don’t have pricing power and governments continue to print money so they don’t feel at risk.
The time to buy a home is when the numbers work for YOU. That means, if you can afford to buy what you want to buy now, and your outlook is long-term enough to realize that over time, real estate is a solid investment and values will likely increase above your purchase price at some point (but maybe not in the near term), then now is a good time to buy a home that will be your primary residence. If you are looking for a flip or an investment property, you may do better to wait a few months and see how things go after Biden is inaugurated.