Published on November 10th, 2020
How COVID-19 Has Impacted the Real Estate Market
Like many other industries throughout the world, COVID-19 has undoubtedly taken its toll on the real estate market. Many Americans who were considering selling their homes 8 months ago are now reconsidering as the future of the virus is unknown.
Currently, there aren’t a ton of homes on the market, meaning that sellers have the advantage when it comes to asking for a particular price. Homes are selling fast because inventory is so low.
Record-Low Interest Rates
As a result of an economic downswing, the Federal Reserve has drastically cut interest rates to breaking lows. Now, the average rate on a 30-year fixed mortgage is below 3 percent. Even a quarter or half percentage can make a huge difference in how much families pay for their home.
For example, if you purchase a home that is $200,000 and your interest rate is 6%, you would pay $1,199 monthly. With the market’s current rate, your monthly payment would be $832 each month, saving a total of $131,990 in interest over a 30-year period.
What if I Can’t Find a Home?
We know that life is stressful enough as it is right now, and finding a home is an additional stressor to add to your plate. Instead of opting for finding your existing home, we are happy to build your dream home for you. In addition to custom home builds, we also build spec houses that are move-in ready. We’re happy to show you around some of our available properties.
Our Chicago custom home builders know quality work from the inside-out. Please get in touch with us to learn more about bringing your dream home to life.