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Attorney Ben Proto - The Musings of a Mad Lawyer

Friday, February 14, 2020

The Pros and Cons of Buying a New Home in 2020

With interest rates and home prices dropping, many experts believe that 2020 is the perfect time to purchase a new home. However, there are upsides and downsides to everything, and the real estate market is no exception. If you are considering buying a home in Connecticut in 2020, below are some pros and cons to consider. If you have additional questions regarding your Connecticut home search, please contact our Connecticut real estate attorney for assistance.

The Pros of Buying a New Home in 2020

The pros of buying a new home in 2020 include:

The economy is healthy

The economy is healthier than it’s been in decades. Unemployment is low, incomes are up, and inflation is down. These all bode well for purchasing a new home in 2020.

Interest rates are low

The average 30-year fixed rate is currently around 3.6%, which is extremely low. This means that you have a good chance of a low mortgage payment if you purchase a home now.

Mortgage lenders are competitive

In addition, mortgage lenders are extremely competitive right now, meaning that you may be able to negotiate to have certain fees removed, including application and processing fees.

Inflation has slowed down

Finally, inflation has slowed down considerably, making it easier to pay down debt and create additional disposable income.

The Cons of Buying a New Home in 2020

Although the pros outweigh the cons of purchasing a new home in 2020, there are a few things you should be aware of prior to beginning your home search, including:

No recent market corrections

The economy has been doing great for several years without any major corrections. Historically, this means that a market correction may be around the corner, and this would cause the real estate market to cool off.

You risk overpaying

Conversely if the economy continues to do well, you run the risk of paying too much if you buy too early. In addition, if home prices or interest rates fall further you may have wished you waited a little longer to purchase your new home.

Contact a Connecticut Real Estate Attorney Today to Begin Your Home Search

Although there are risks involved in any major purchase, now is a great time to buy a home in Connecticut. However, in order to ensure that your purchase goes as smoothly as possible, you need an experienced Connecticut real estate attorney to walk you through the process. At the Law Office of Benjamin S. Proto, Jr., our experienced Connecticut real estate attorney we’ll be by your side during each step of the purchase process. Therefore, if you are interested in buying your first home in Stratford, Bridgeport, Milford, Trumbull, Shelton, Fairfield, Orange, Derby, New Haven, or anywhere else in Connecticut, please contact us today for a consultation.

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