A new season and a new year have arrived, and with that, the home market has made some changes. Due to the current economic climate with COVID cases still going, interest rates have remained low to stimulate an economic recovery. With that said, though, should you take advantage of these current rates and buy a home or wait to see what happens next? In this blog entry, we’ll explain the present scenario and let you decide where to go from there.
If you’re one of many thinking you’ll wait for interest rates to go even lower before refinancing, consider this: many experts think that for interest rates to go below 2%, the economy would have to show some significant signs of instability, such as the stock market falling, businesses closing again, and other severe blows to the nation’s economic stability. But, such guarantees are practically impossible. With interest rates under 3%, not taking advantage of these low rates would be equivalent to leaving money on the table. Winter proves to be a slow time in the real estate market, with many homeowners off the market due to previous holidays and prepping for the new year. Only the most motivated sellers will leave their home on the market, allowing for great opportunities for a buyer to find a hidden gem. Alongside that, realtors and mortgage lenders aren’t as busy, meaning they’ll be in the market to help you find the lowest rates and affordable repayment options for your soon to be home. With so many people taking advantage of these low-interest rates, said mortgage lenders would have time to devote to new home-buyers. You’ll often find the personalized service you receive from more attentive lenders and agents to be excellent.
Taking advantage of buying a new home this season is one thing, but knowing where to go from purchasing to ownership is another thing. If you’re looking to make a move this season, Greg Hayden and the expert brokers at Mortgages Done Right can help. Call or visit our website today to learn more about our services and keep updated with our blog for more helpful blogs like this.