Home Shopping for First-Time Homebuyers During COVID-19

January 13, 2021 9:43 am

Young woman unpacking boxesThroughout the COVID-19 pandemic, the 2020 housing market has remained steady due to factors such as low interest rates and remote working. As we move into the 2021 market, experts predict that the market will remain busy with low inventory. Millennial homebuyers are the largest purchasing group in the U.S., and many are looking to buy their first homes this year. Let us look at what first-time homebuyers can expect from the 2021 market:

Down Payments: For most homebuyers, the largest hurdle to purchasing a home is the down payment. There are many options available depending on the type of buyer and the area of purchase, including low down payments and down payment assistance programs. As your mortgage planner, I can work with you to determine what size down payment you will need.

Interest Rates: In 2020, interest rates dropped to record lows. While experts anticipate that these rates will rise gradually, they are expected to remain low in 2021, making it a fantastic year to purchase a home.

Low Inventory: Inventory has remained low and is not expected to increase substantially. In many markets, buyers will need to be prepared to make a quick and competitive offer. Let’s set up a call to discuss the importance of pre-approval in a competitive market.

Virtual Tours: Given the ongoing pandemic, buyers can expect to participate in virtual tours and remote meetings as part of the home shopping experience in 2021. While some areas of the country may allow in-person showings, the process of home viewing and purchasing will vary by location.

Are you ready to make the jump to homeownership this year? I would love to help you with your home financing. Let’s set up a phone call to discuss your financial goals and determine what loan program might be right for you. Call me today!

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