The coronavirus pandemic has caused many of us to hit pause on normal life and adjust to a new routine—we’re working from home, homeschooling our kids, coming up with creative ways to entertain ourselves and our families without leaving the house, and more.

If you’d been thinking about buying a home prior to COVID-19, you might have put a pause on your home search, too, thinking it’s not a great time to buy. Ultimately, whether it’s a good time to buy a home depends on circumstances like budget and job and financial status, but if you’ve been on the fence for a while these factors could influence your decision.

1. Low mortgage rates

Lower interest rates mean lower monthly mortgage payments, and the government has been slashing rates in order to keep buyers in the market. Mortgage rates first hit their lowest point in March and have continued to drop, recently hitting another record all-time low. Because mortgage rates fluctuate and have the potential to rise, buyers will want to seriously consider locking in rates now. A rate lock guarantees your interest rate for a certain amount of time, protecting you from increases.

2. More home buying power

Understanding your home buying power – that is, how much house you can afford — is one of the first crucial steps in the homebuying process. With plummeting mortgage rates and increasing wages, there is good news for many prospective homebuyers: they can likely afford more house than they previously thought. You can gauge your home buying power and estimate monthly payments using a mortgage calculator.

3. Increased buying incentives

In addition to low rates and increased buying power, there are even more ways to save on a new home as many in the homebuying and building industry are offering attractive incentives to buyers who purchase soon.

Many Pulte communities across the country are holding summer sales events and offering special limited-time savings on a new home. Homebuyers can enjoy savings of tens of thousands of dollars as part of these promotions. We also recently introduced our Hometown Heroes program, which offers a discount to the everyday heroes in our communities, like teachers and healthcare professionals, who purchase a Pulte home. For information on Hometown Heroes or sales events eligibility, visit the community page or contact a sales consultant.

If you’ve decided it is the right time to buy a home, there’s even more good news because there are more ways to shop than ever. Our sales centers and model homes are open, so you can schedule an in-person appointment with a sales consultant to help you narrow down your choices, or you can shop online. The virtual home buying process is seamless with 3D tours, interactive floor plans and real-time site maps to select a homesite or a quick-move-in home.

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