This is a challenging time for you right now, for everyone. While there are a lot of unknowns, there are some things that are reassuringly constant. People are making decisions to reconnect with what is important in life. If you have always wanted to live at the beach, if that is your dream, this is an excellent time to do it. Think I’m crazy? No, I’m not.
This situation won’t last forever. When it breaks and things get back to “normal” it is a pretty safe bet that home prices will rise. However, while the interest rate market is a roller coaster right now, all indicators show that rates will be dropping significantly when things calm down. So, if you are contracting now for a new home and locking in your home pricing, you can sit and await the most opportune time to lock your rate…I call this a win/win!
If you have to sell your home, I am hearing of very creative ways that realtors are making it work. I have had several clients in different areas sell their homes in the last 3 weeks, even with their state on lockdown! We can also look at whether you can purchase without selling your home right away. Remember, if you don’t have to settle on a new home and start making payments for 6-9 months, that gives a you lot of time to safely sell your home.
The roller coaster in the rate market right now is confusing for people. They see that the Fed dropped rates significantly, so why are rates so up and down? That is because the home mortgage interest rates in the short term depend less on what the Fed does, and more on the volatility in the stock market. That is why you are seeing these wild swings. Again, it is a good time to contract on a new home that won’t be complete for 6-9 month at today’s lower pricing and sit tight to wait out locking a rate until it is most advantageous. My team is really great at assisting you with helping you assess the best direction for you. We have many creative ways to look at the changing climate and find a way forward that is right for you.
There are many ways to safely and wisely take advantage of opportunities in the midst of all this chaos. While you have to stay indoors and stay well, you don’t have to put your entire life on hold. You can still make your dream come true to be here at the beach. You will be so glad you did.
Let my team look at your unique situation and explore your possibilities. We are here to answer your questions.
Check out the Schell Brothers website for more information about our homes and prices.