This year has been one that we will never forget. From the spawn of COVID-19 and a nationwide lockdown to the loss of a sports icon in Kobe Bryant, 2020 hasn’t been easy. However, there have been many silver linings of hope along the way.
One of the biggest benefits for homeowners (and aspiring homeowners) has been an incredible opportunity to purchase their dream home due to new developments that were caused in the housing market primarily from the economic impact of COVID-19.
Brunswick Crossing is here to discuss the unique qualifiers that make 2020 the perfect year to finally make the move into your dream home:
Record Low Interest Rates
The average 30-year fixed-rate hit its lowest point in history this August 2020 at 2.88%. In the last year, it has fallen two percentage points. Since Fannie Mae began recording mortgage rates in 1971, it has never dropped this low.
These low interest rates have been caused by the Fed buying unprecedented volume in mortgage-backed securities to help speed up economic recovery from the impact of COVID-19.
What does this mean for you as a homebuyer? You can take advantage of historically low rates that may never be seen again. If you move forward with a fixed interest rate, it will be locked in for the remainder of your loan. You could be taking advantage of these historic rates for the next 15 to 30 years!
Lower mortgage rates also mean a lower mortgage payment. You may now be able to afford a home that was out of your budget a year ago. The lower rates also allow for you to spend less time paying on your interest and more time building equity in your principal.
Call your preferred mortgage lenders to get preapproved and locked into your historically low mortgage rate.
Hypercompetitive Market
Fueled by the historically low interest rates, the real estate market is in a frenzy right now. Many homes, both new and resale, are under contract within a day of being listed on the market, with several offers (many even above asking price)!
In addition to there never being a better time to buy a house, there has never been a better time to sell a house either! The hypercompetitive housing market is a dream situation for homeowners looking to make their next move. The real estate market rose 22.6% in July 2020 alone!
If you want to get your home on the real estate market, call your local real estate agent to get it prepped and listed.
More Time To Plan & Pack
While not everyone has the benefit of working at home and many offices are beginning to slowly open back up, many of us have had more time on our hands since COVID-19 hit. Even if you are still working everyday, your evening and weekend plans have probably slowed pretty significantly since the virus began spreading in March.
While we get a step closer to overcoming the virus every day, you still have plenty of time left to plan and pack before life is back to full speed. You may never get another opportunity like this to have the time you need to properly plan and pack for your move.
Looking for more advice on planning and packing? Check out our blog that discusses the Top 5 Tips to Help You Sort, Pack and Organize For Your Next Move.
Outdoor Amenities
Many new home communities, such as Brunswick Crossing, offer wonderful outdoor amenities that allow for fun and social distancing at the same time. Get out of the house while the weather is nice and enjoy some quality family time.
Brunswick Crossing offers its residents several state-of-the-art amenities, such as 26 miles of hiking trails, pool, fitness center, tot lots, basketball court, volleyball court, athletic field, community garden, and a dog park. Take a look at all that we have to offer:
In addition to all these wonderful activities in your backyard, Brunswick Crossing is ideally located between several scenic locations with plenty to do. Historic Harpers Ferry, Downtown Frederick, Virginia Wine Country, The C&O Canal, and Washington D.C. are all a stone's throw away.
Taking the Next Steps
Over the last several months, Brunswick Crossing has created a virtual home buying experience. While we have virtual options available, our builders are open and accepting in-person model home visit appointments as well. All CDC, state, and local guidelines are being followed by our sales representatives to ensure you have a safe and memorable experience.
Simply fill out a form on the model or home type that you are most interested in, and our builders will reach out to schedule your appointment. Discover all that Brunswick Crossing has to offer:
