If the COVID-19 pandemic has proved anything, it’s that single mothers are truly the backbone of our society. Trapped in close quarters with their children, single mothers have acted as teacher, parent, and diligent worker throughout quarantine and stay-at-home orders. Not an easy feat.
Tackling the home buying and selling process with the plethora of other duties single mothers have may sound daunting, but definitely doable during the next year. If you’re thinking of dipping your toes in the real estate industry soon — whether buying or selling or both — keep reading to see how you could take advantage of the ever-adapting market.
The Appeal of Buying: Favorable Interest Rates & Perks of New Leadership
While buying can seem like a hefty challenge, there’s plenty of factors on your side as we head into 2021. Mortgage rates reached a record low back in 2020, hitting a record low in December of 2.67% for the average 30-year fixed.
In HomeLight’s Q4 2020 survey, 97% of agents of top real estate agents claimed low mortgage rates were boosting buyer demand in their market.
Not to mention, the shift in presidential leadership may play out favorably for first-time buyers. Most homeowners dub the hefty down payment as one of the most troublesome hurdles to overcome in order to buy a home. Thanks to Biden’s new affordable housing plan, the down payment may be a just little easier to stomach.
The plan includes a $15,000 down payment tax credit for first-time buyers, which is redeemable at any time. With any luck, this plan should alleviate some of the pains and worries single mothers have to face before purchasing a home.
The Appeal of Selling: Less Competition, Strong Buyer Demand & Digital Tools
Looking to sell for a good price? While many feared the COVID-19 pandemic would slow the industry, instead the low interest rates — along with the appeal of moving to a new home more suitable for the work-from-home life — has rushed buyers to the market. Sellers, on the other hand, were a bit more hesitant to join the market and possibly bring a deadly virus into their family home. The result? Inventory is rather low.
This means that your home will surely stand out amidst the scare competition. In fact, buyer demand is so strong and inventory is so low that you’ll likely sell both profitably and quickly.
Another perk for single mothers? Most of your real estate endeavors can be handled remotely. That sure makes it easier to still conduct business if you have to be home taking care of the children.
Approximately 59% of real estate agents are now replacing in-person meetings with virtual ones. And, with new real estate tools like virtual tours, digital closing technology, and remote closings, it’s now easy to navigate all your real estate endeavors from the comfort of home — even while keeping an eye on the little ones.