This year has brought many challenges to everyone. It continues to reshape the way people live their lives and how everyone interacts with others. But as the saying goes, there is a light in every darkness. This light is somehow apparent in the real estate industry. If you are curious about how this time has positively affected the real estate business, here are some things you need to know. 

How This Time has Affected the Real Estate Industry

While the pandemic has affected many real estate market activities, it is not all positive. One of the biggest setbacks is that many people are losing their jobs since there is limited movement in the market. However, no matter how big the pandemic’s impact on the market, not all aspects will be affected the same way.

One positive event that future homeowners can celebrate is the fact that there is a current decline in property values. It can be bad news for some, but it also means more affordable homes for people who currently have healthy finances.

With the rise of the unemployment rate and the lack of secured jobs, banks are less likely to lend money to people. While many factors can affect actual house prices, it is safe to assume that these prices will not rise dramatically in the next few months. 

Why Buying a Home Now Makes Sense?

If you compare the numbers from recent years, you will observe that the current rates are the lowest they have been for a long time. If you plan to apply for a mortgage soon, you should also know that current rates have been steady for a while. Having a competitive interest rate on a fixed mortgage can help make your housing costs lower than usual. 

In fact, the weekly figures from the Mortgage Bankers Association show that the average interest rates for 30-year fixed mortgages with conforming loan balances, jumbo loan balances, and even those backed by the FHA have declined by 53 basis points since March this year. The rates were considered a record low because of coronavirus. 

Should You Buy a House Now?

It depends on you. If you plan to buy a house to serve as your home for a while, but you plan to sell it after many years, then a low mortgage rate sounds like a good deal. Waiting for a few more months may not guarantee you the same offer, but you need to know that there are many factors that you should consider before deciding. 

For example, the economy is one crucial factor you should consider. If you believe you can continue to pay off your mortgage loan despite the unstable economic conditions, this is an opportunity you should not let go of.

Buying Your First Home with Steelman Mortgages

The answer to whether you should purchase a property now depends on your level of preparation. If you are in a healthy financial condition, the low mortgage rates and property values today are a once-in-a-lifetime opportunity you should not miss. 

If you are a first-time home buyer in Roseville and are looking for a mortgage offer to take, we can help make the process smoother for you. At Steelman Mortgage, we personalize our mortgage services depending on our client’s requirements. Call us today at (916) 847-7263, so we can start connecting you with mortgage options suitable for your needs.