How is the Coronavirus Impacting Real Estate?
In just a few short weeks, the coronavirus outbreak has impacted many aspects of everyday life. Large events and conferences have been canceled and postponed. Fear of the unknown, along with an abundance of misinformation, has made supplies of certain products like hand sanitizer difficult to find.
Last week we talked about the Fed’s surprise rate cut, bringing mortgage rates to historic lows, leaving many homebuyers with questioning whether to take advantage of current conditions or wait it out to see what happens next?
There are several significant advantages to make the move now.
- The lowest interest rates since 2016.
- Increased purchasing power for buyers currently in the market.
- Stability of real estate as a solid and safe investment.
One item to note, buyers who are paying all cash or have a large down payment coming from their stock account, should be advised to speak with their stockbroker about the overall financial impact of withdrawing funds from their accounts. These buyers do have an option to increase their loan amount so they can still take advantage of purchasing.
Many of the larger mortgage companies and big banks have seen such an uptake in refinance business that they have increased their lead time for approvals and many will not be able to close within 30 days. San Diego Funding can! We always put purchases FIRST and we remain committed to closing on time for you.
One of the best ways to ensure success when ready to make the move is to make sure you have a solid pre-approval letter. A strong offer is needed in our competitive housing market, more now than ever. When sellers call us to verify our pre-approvals, we are able to tell them how strong a buyer you are positioning you with an edge over other buyers.
We are here to help you take advantage of today's market and are available to meet with you to explain what you need to know about today's market.