Why You Should Purchase Real Estate in 2021

COVID-19 threw a wrench in most of our plans, there's no denying that. While some people have been negatively affected by this pandemic, many have remained strong and taken advantage of this year's housing market boom.

While purchasing a house in the middle of a pandemic, with so many unknowns can seem frightening, if you have a stable income and are wanting to invest your money in something that will only appreciate, now's the time. Let me tell you why...

Mortgage rate are at an all time low. The average rate that I've been seeing currently for a 30 year conventional is around 2.7%. According to a survey of major housing authorities such as Fannie Mae, Freddie Mac, and the Mortgage Bankers Association, the 30-year fixed rate mortgage will average around 3.03% through 2021. That is HISTORICALLY low. This can save you THOUSANDS of dollars over the lifetime of your loan, making your monthly payments cheaper than ever. What I am finding, is that most people's rent is more expensive monthly than your mortgage payment can be. Which is HUGE. Paying monthly towards an investment, YOUR asset, rather than throwing away money to a landlord.

Builders and developers are giving pretty good incentives to buyers purchasing new construction. With inventory being extremely low right now, new construction has POPPED off. Builders seem to be giving deals like, waiving closing costs or paying a large portion of them, giving appliance upgrades, floor upgrades, etc. New construction is a great route to go down if you can't find a resale in today's low inventory.

Housing values consistently appreciate. Purchasing a home is an investment. You are almost guaranteed to make money off this purchase. The median sale price on the MLS overall has risen 16% since January of 2020.

There are many other benefits to purchasing a home, such as tax benefits, equity, predictability, and freedom.

If you are wanting to purchase real estate in 2021, I highly recommend talking to a real estate professional, as well as a lender to see what kind of options you have! If you are in the North Georgia area and have any questions, please don't hesitate to reach out to me directly!