Planning for the Future – ACT NOW!
If there ever was a great time to pivot in real estate, this is it! Who would have predicted that during a global pandemic prices would rise? Who would have thought that interest rates would be at the lowest level in the past century? In my 34-year career selling real estate, I have never seen the real estate market like this. We have the lowest inventory of available homes ever recorded and are seeing multiple offers on over half of all new listings.
The current conditions are beyond unusual. First, inventory was down sharply this spring due to the fear of virus spread. Owners did not want strangers in their homes. Second, thanks to the Fed, mortgage rates are at an all-time low. Third, the buyer pool exploded due to buyers having more time on their hands, rapidly changing home needs, more purchasing power due to the low rates, and more cash in the economy because of government stimulus activity.
So, what is the urgency? Why act now? The first thing we know is that the market is crazy good today and the second thing we know is that all good things typically end. With the upcoming election, the record high stock market, and the unknown trajectory of Covid-19, it would seem unrealistic to think it can get better. So, it appears that if you ACT NOW, you can put yourself in the best possible position when it comes to providing for yourself and your family over the next 30 years.
If you are looking to buy a home, the rate you lock into, or refinance into, will provide you with a stable, low house payment for the next 30 years. If you are looking to downsize in the next few years, by acting now, you can capitalize on the hot market and get top dollar. Then, when you acquire your downsized or cross–sized home, you can lock into an interest rate in the 2.875% range for 30 years. While finding the right home is tough, this is a wonderful time to make the change as an owner. If you are a first-time buyer, it is a pivotal time to buy.
Making the best decision for you requires research and starts with getting a price valuation on your home from your agent. Then, talk to your lender and get out and start looking at homes to see if this could be the time for you. At ELEETE, our agents are trained to educate their clients so that they can make informed decisions. We are here to serve you. Please give us a call today and together we can help you plan for the future.
Lee Davies, President, ELEETE Real Estate