Amidst everything happening in the country and around the world, house prices have held steady and even increased during the economic shutdown that followed the pandemic. Currently, interest rates are near all-time lows and could potentially go lower.
However, with housing inventory remaining tight with thousands of homes having been taken off the market during the shutdown, prices may go even higher, lowering affordability. Some people think they should wait to buy until home prices go back down; but it is nearly impossible to time pricing in the housing market in order to buy at the bottom of the market trend. With the economy slowly opening back up, it’s likely any delay in purchasing a home will result in paying a higher price.
Also, it’s easier to sell your current house, now more than ever. The homebuying process is always proven more difficult when you have a home to sell first. But if you’re looking to move, it may be easier to sell your current home now than at any time in recent memory, which in turn, will make it easier to buy.
The decision of so many sellers to take their properties off the market as the pandemic began or choosing not to list them at all, made inventory tight in many markets. That not only makes it possible you’ll get a higher price on the sale of your current home, but that you’ll also sell it quickly.
Buying now will give you an opportunity to lock-in some of lowest mortgage rates in history. According to Freddie Mac, the rate is 3.01% on a 30-year fixed-rate mortgage, and 2.54% on a 15-year mortgage. *
“With interest rates at the lowest level in decades, if you’re in the market for a home, now is a good time to buy,” said Barbara Friedberg, MBA at Robo-Advisor Pros in a Forbes Magazine interview.**
It’s possible mortgage rates can fall even lower, but there’s no way to know that will happen. The only thing we know for certain is that interest rates are better now than they’ve ever been, making buying now more compelling than ever. The fact that the housing market successfully weathered the pandemic and the shutdown that followed are a strong indication of positive price action to come.
Overall, If you find the right house and it fits neatly within your budget, it’s best to buy now, rather than risking the cost of waiting. When it comes to making major financial decisions, we often hesitate in speculation about what the future holds, but we can never know for sure how things will play out – it’s better to work with what you know now than to wait on an unknown future!
* Source: http://www.freddiemac.com/pmms/ Rates current as of July 24, 2020. Interest rates and products are subject to change without notice and may or may not be available at the time of commitment or lock-in.
**Original source: https://www.forbes.com/sites/jrose/2020/07/07/mortgage-rates-reach-record-lows–is-now-the-right-time-to-buy-a-house/#35a6dec63de7
Berj Arakelian
Email: barakelian@usa-mortgage.com
Direct: (858) 449-0514
NMLS: 1695267
Blog
Apply Now
Today’s real estate landscape is extremely challenging and most offers to purchase will not be accepted without an accompanying letter from the lender stating that you have made a loan application. Our team will get you pre-qualified and work directly with the real estate agents involved to present the most appealing offer to the seller. We will discuss all your loan options, finance planning and current interest rates that are available for each program. Most of our business is referred to us because of our expertise in mortgage and debt planning, custom-tailored loan programs, and our concierge services. USA Mortgage specializes in Conventional, FHA, VA, Non-Conforming and self-employed mortgage loans. Thanks to a dedicated staff, that puts our clients first, USA Mortgage averages 22 days from loan submission to closing.
“When the time is due to get a home, it is not uncommon for families and individuals to get stuck on indecision arising from the financial aspects of acquiring a home. Without professional guidance, some persons end up making some really bad decisions that terribly affect their credit scores. For some others, the processes become too overwhelming, they back out from the idea of having a home.” – Me.
My name is Berj Arakelian, a doting husband and a proud father of two hyperactive boys. As well, I am the expert you need to handle all your mortgage affairs smoothly, from start to end while saving you a lot in time, costs, energy and frustrations. My skill as a salesman comes naturally, and I have had a lot of years to hone it to perfection and integrate it into the mortgage industry to become a part of my lifestyle. Consequently, it’s easy for me to connect with my clients, and liaise with listing agents and home sellers.
Before I got into the mortgage industry, I owned and operated a chain of retail stores generating over $4+ million annually. And in the subsequent years, proceeded to complete over 2,000 financial transactions for families and businesses in the finance, estate and mortgage industry.
Today, I operate in San Diego, California with multiple recommendations as a Certified Mortgage Planning Specialist and a certified Mortgage executive. As a Mortgage Banker with USA Mortgage, I work with clients to develop financial solutions that they can benefit from, now and in the future. My experience has spanned over an incredible track record, with a specialization on a new home purchase, cash-out refinance, high balance and jumbo loans and self-employed borrowers. I am your go-to for all your mortgage-related financial planning. And if you are a first time home buyer, I go all out to ensure you have an awesome first-time experience.
I stand out for a lot of reasons, but my clients never get enough of my Premium Buyer package. An opportunity that accords all my clients a competitive edge over their competition, by making them a priority for listing agents and sellers. With me, you accomplish your financial goals and become a homeowner in an effortless, stress-free approach.
Book a planning session with me today, to get that VIP treatment you deserve.
