RIO GRANDE VALLEY, Texas – The pandemic may have caused disruptions in the housing market, but for potential home buyers this a great time to get into the home of their dreams.
With fewer buyers on the market Brian Reed, a broker from the Brian and Ryan Real Estate Team, said right now is a buyer’s market.
“It’s a great time there’s a lot of good opportunities out there,” Reed said during a Zoom interview.
He said with less active buyers on the market, there was less competition making it a good time to purchase a home for those who are ready.
A lot of it also has to do with the historically low interest rates.
“They’ll probably never gonna be this low it’s at 2.9 percent,” he explained. “We were in the fours before quarantine they have to go up, they’re going to go up by the end of this year, so take advantage of that.”
He said every time they go up a point you lose 10 percent of your buying power, making it important to get in while you can.
While the pandemic brought a pause to the housing market during the busiest season of the year, realtors are expecting traffic to increase come Fall.
“As the year progresses more and more people are going to be in the market which means more competition. The earlier you get into it the better,” Reed said.
Due to the pandemic, real estate agencies have adapted to safer ways of listing. Many of them offer virtual tours.
source:valley central
