COVID-19 Effects On Buying A New Home
Not that long ago, the country’s housing market was showing many signs of heating up. Economic indicators were good, mortgage interest rates had reached historic lows, home values were on the rise and buyers’ optimism regarding the future was expected to fuel a very active Spring peak season for residential real estate sales. But as the magnitude of the COVID-19 crisis took center stage, it brought uncertainty to our lives and made us consider significant decisions with even more care as we tried to navigate this new, uncharted territory. Things were suddenly in turmoil, and the future started looking cloudy. It’s no wonder that a potential buyer looking at a new home for sale might remember the financial crisis of 2008 and question whether now’s the right time to make a move.
The simple answer is “yes”.
At Artisan Homes, we’ll go so far as to say that there’s never been a better time.
Rates may fluctuate a bit as they respond to housing demand, but they still remain attractively low. Home prices haven’t increased much, and there isn’t the strong upward pressure on them that typically results from declining inventory at this time of year. That’s at least partly because some of the buyer enthusiasm we normally see has been dampened by COVID-19.
All of these factors combined create a “perfect storm” that clearly works to your advantage. Right now, that new home for sale is still going to be priced right, and you’ll be perfectly positioned to get the deal you want.
But there’s more. Unlike in 2008, the Federal Reserve is taking quick and significant action to keep rates low and shore up the economy. And policymakers across the board are committed to doing whatever it takes to get the virus under control and make sure the country’s going to bounce back after the threat has diminished. The discerning buyer in the residential real estate market will recognize this as a unique and unprecedented window of opportunity. And how long will it last? No one knows. It’s easy to see the wisdom of locking in your rate now.
Another effect of the COVID-19 scare is that we’re seeing investors who were spooked by the stock market’s recent wild fluctuations looking at residential property as being a more stable place to invest their money. That will increase demand and cause home prices to rise.
Like others in the real estate industry, we’ve responded to the COVID-19 by making some adjustments to how we do business at Artisan Homes. For the safety of our customers and staff, we’ve instituted special new sanitation procedures at our offices and model homes. We decided to suspend tours and open houses for the time being, but there’s been no cutback at all in the services we provide. When you find that perfect new home for sale in one of our beautiful Northeast Florida neighborhoods, we’ll still be with you every step of the way as you go through the exciting process of making it your own.
Artisan Homes, a collaboration of local builders and developers, has earned a reputation for master craftsmanship, timeless design and energy-efficient construction. We’re proud to be at the forefront of the effort to meet the demand for innovative construction that both reflects and respects this unique and remarkable part of the State. Everywhere we build, we take care not to have a negative impact on the environment and ambience we’ve grown to love so much.
If you have questions or concerns related to purchasing a home in these uncertain times, we’ll be happy to discuss them with you. Just stop by one of our sales centers or give us a call.