An article recently stated that many people are googling “should I buy a house?” They are concerned about the economic impacts of COVID-19 but want to take advantage of historically low interest rates.
Buying a house is a very long-term decision. Although we have no idea how long this pandemic will be with us, note that past pandemics have been relatively short-lived.
If you are financially stable, can afford it, don’t fear a loss of your job, and you see a good opportunity, take it. You will look back on it many years later as a wise decision. But don’t just buy a given property based on low interest rates. Rates will likely stay low for the foreseeable future.
Don’t try to time the market either. If you believe sales may tank and housing prices will go down, you may want to wait, but remember, housing supply is still low, so when demand eventually does come back, housing prices will go up with it. Moreover, If the pandemic ends relatively soon, you could see most prices stay right where they’re at.
REconomix 