In an unusual turn of events, the 2020 housing market is off to a slow start. Understandably, the circumstance of keeping safe and healthy are at the forefront of everyone's minds right now. Worry about jobs, scaled-back hours, low business levels, or even completely closed businesses seem to drive away immediate thoughts of getting your dream home or making that much needed up-size or down-size. We all have plenty on our plate already and why add additional headaches that can come from home buying and selling if it is not entirely necessary.
For those who can look past the fear and look forward with optimism, you stand to make the most of this ambiguous market. You see, right now is still considered a sellers market. We have a shortage of homes and a surplus of buyers looking for homes. This typically means that buyers need to be quick and aggressive with their offers in order to lock down the contract. Even with the uncertainty that these lock-down orders bring, sellers are still seeing their homes fly off the market for exactly what they want out of it. So the question is how is it possible that buyers can still win in this type of environment. Will the virus lock-downs cause some some sort of delayed burst of inventory? Will buyers diminish as their jobs and businesses do not resume their normal business?
Nope. Not any of these. Quite simply, the historically low rates should be more enticing to buyers right now than possibly a 10% discount on the purchase price. What?...that doesn't make sense. Well let me explain. Buying a home for 430k in 2017 at 5% interest would give you a mortgage payment of about $2308/mo. Say that same home is now worth 500k. The current payment on the same home at a higher purchase price and a 3.5% interest rate would give you a payment of $2245/mo. So your payment is $63 less than if you bought the home 3 years ago. This is how buyers are winning the housing market right now. Paying 70k more for a home with 1.5% lower interest is a win for your wallet. Every buyer should be thrilled for this opportunity and resume their search for a new home right away.
Click right here to see what is available right, then contact me to set you up on a listing alert that will notify you the very moment a new listing becomes available (that is what it takes to win right now)