Primed for a New Home?
After months of coping with the coronavirus pandemic and economic uncertainty and experiencing the lowest mortgage rates we had ever seen, the country finally started “opening up” and moving towards some normalcy and the stock market was going back up. Soon after that the mere projections of a second wave led to panic selling and stocks plummeting and once again the bond market started growing and the mortgage rates subsequently dropped even further.
Lenders are now able to offer raters under 3% while real estate prices have remained stable, so far. First time home buyers can get rates lower than any generation before them. Buying a home has become much more accessible to a large portion of the population who otherwise didn’t have the means to own a home. These circumstances could cause a spike in property prices, however, the property price growth rate, although inevitable, will be a little slower than if these low mortgage rates were being offered sans a health pandemic.
The real estate market has remained active during the past few months but to a very relatively small capacity due to the limitations caused by COVID-19 and the fact that most people assume that an economic downturn will automatically lower property prices.
Since the property prices are not expected to drop, the mortgage rates are at a record low and the pandemic has affected the construction of new homes, now is the perfect storm to buy the home you have always wanted. Before the prices spike due to a shortage of supply and an increase in demand and before the stock market eventually starts recovering and the mortgage rates experience a correction and go back up.
If you haven’t been impacted economically by the pandemic, meaning you haven’t lost your job or your business hasn’t suffered, if you received a tax return check and/or if you got a $1200 stimulus check or an SBA loan, chances are, your bank account is good shape. You are likely also holding off on spending money on a summer vacation and your “entertainment” (going out with friends and family) expenses have been significantly lower over the last few months. These are all signs pointing to you having a much larger down payment than you could have had this time last year. The only thing left is to ask yourself if you should be losing out on this opportunity to buy your dream home or to finally become a first-time homeowner. Contact a realtor or a real estate agent and find out if the perfect home buying storm is the right time for you (www.aminvali.com).
Civil Engineer, MBA, Real Estate Agent, Multi-Unit Construction Project Manager in California,
USA Phone : +1(310)925-3878
Cell phone: +1 (949)220-1000
Web : www.aminvali.com
E-mail : email@example.com
Realtor in Zutila Inc.