If you have a secure job, sufficient down payment and can maintain your rainy-day fund, this low interest environment may be a good time to step into a home purchase. It will be important to evaluate with your realtor the potential impact of the COVID-19 pandemic on home prices in your area.

While the Fed has suspended evictions and foreclosures on loans guaranteed by the Federal Housing Administration and ordered similar relief from Fannie Mae and Freddie Mac, individuals who face financial hardship may be looking to sell quickly, prior to foreclosure.

Appraisals are partially based on recently closed transactions. As a result, values tend to be slightly high during a declining market and slightly low during periods of market appreciation