You had saved for the down payment and planned to become a first-time homeowner in 2020. And then just like that, the coronavirus pandemic turned the world upside down. Should you still go through with the purchase or put your plans on hold? Navigating the real estate world as a first-time buyer can be confusing and stressful. Add in a layer of the paralyzing stress and uncertainty of the pandemic, and you have many potential buyers with mixed feelings about taking the leap when things are looking grim.

The real estate market is a bit shaken by the pandemic, but you can still explore Atlanta homes for sale. To help you make an informed decision, our real estate agents have compiled a list of 4 reasons why now is actually a good time to buy a first home.

• The Housing Market Still Thrived Amid Widespread Shutdown
  When COVID-19 first dominated the headlines in February and March, many predicted that the housing market was going to collapse. Speculation abounded that a crushing recession would significantly impact both prices and sales. But now that we're nearing the end of 2020, the housing market is showing signs of a strong recovery.
  
  
• House Prices Are Rising
  First-time buyers who started house hunting with a bargaining mentality during and after the coronavirus shutdown ended up being disappointed. While it seemed likely that sellers would be panicking and prices would decline, the opposite occurred. Low inventory and pent-up demand resulted in heated bidding wars that saw homes being sold quicker and for more. Home prices have risen 3% to 6% a year from 1987 to 2019. Statistics collected before the pandemic show that the prices went up 5.6% from the previous year. You might be tempted to put your home-buying plans on hold until the prices go back down; but with the economy recovering, it's likely any delay in making the purchase will result in paying a higher price.
  
  
• Mortgage Interest Rates Likely To Remain Low In 2020
  The government slashed mortgage rates to keep buyers interested. Lenders have been reporting a sharp increase in mortgage applications since then. In August 2020, the average interest rate on a 30-year fixed-mortgage went as low as 2.88% – a new record in 49 years. With such numbers, now is a good time to buy your first home. Mortgage rates are expected to remain low throughout 2020, but what happens next month or next year is uncertain. These record-low rates may offer cost savings in a market where home prices are on the rise. Just remember to get a fixed-rate mortgage to lock in the low rates.
  
  
• You Have a Stable Financial Status
  Unemployment rates spiked in Marched 2020 and continued to climb during the coronavirus lockdown. Some of those who had been affected have already gone back to work, but many are still unemployed. In a typical market, you may be at a disadvantage as a first-time homebuyer because you probably have a sub-optimal credit score, less savings for a down payment, or a high debt-to-income ratio because of college debts. But if you have a stable employment history, advancement opportunities, and enough for the down payment and closing costs, now is the time to buy your first home because older buyers are sitting on the sidelines for safety reasons. Chances are that your house will be a smart long-term investment, given the annual increase in home values.

Our team at Josey Young & Brady stands ready to give you important information about the community you want to buy a house and help find your dream home. Contact us today to learn more and have your questions answered.