As the COVID-19 pandemic continues to unfold this year, a place to call home has taken on new meaning for Chattanooga-area residents. Living spaces have evolved into offices, schools and playgrounds, and many are looking at their own homes in a much different way.
Perhaps stay-at-home restrictions have accelerated your desire to purchase a new home for more space, or maybe you were prepared to buy a home this year but are now reevaluating your commitment due to COVID-related fears.
To help you determine if now is still a good time to search for and purchase a home, below are a few misconceptions about home buying right now.
Myth 1: Interest rates are high
This is not true. In fact, interest rates are very low, making it an attractive time to purchase a home. While rates are subject to change at any time, the Federal Reserve recently announced that it intends to keep the federal funds rate near zero through 2022, which should help keep mortgage rates low.
Myth 2: No one is buying
Even in the wake of the COVID-19 pandemic, sales of newly built, single-family homes rose 0.6% to a seasonally adjusted annual rate of 623,000 units in April, newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reveals. The data shows that home sales are continuing.
Myth 3: Exterior view only
There are many ways to view the interior of the home even with social distancing measures in place. You’ll be surprised by the number of online showrooms, photos and even 3D videos available that show the interior of a home.
Websites such as Realtor.com, Redfin.com and Trulia.com and our local custom homebuilders have detailed information about the interior of a home.
To find a local Realtor or homebuilder who can tell you about the options available to safely purchase a new home, visit Home Builders Association of Greater Chattanooga at HBAGC.net.