I hope you are doing well in these trying times and staying safe as we work our way through this challenge we all face together. I want to let you all know that whether you are a homeowner or potential home buyer, this is not 2008! Your home values will stay relatively stable if not increase slightly. The underlying market condition is still applicable as there is low inventory and even more so through the COVID-19 limitations we have. People are still buying and selling homes and rates are low. Many homeowners are taking advantage of the current rates and refinancing homes. If you want to learn more about your options on that please let me know and we will put you in touch with one of our preferred lending partners to discuss that with you.
Important things you should know with mortgages right now: If you are looking to purchase a home, in our current environment purchasers of mortgages are highly concerned of increased risks due to the rising unemployment numbers and the inability to foreclose on owners who cannot potentially pay their mortgages. What this means to you is that mortgage underwriters are asking buyers for much more documentation than normal and even doing verification of employment on the day of closing. This should not scare anyone off from buying a home but if you have concerns about what the process looks like for you as a buyer please reach out to us so we can walk you through it. Finally, once we do get through this challenge, there will be pent up buyer demand and hopefully a surge in available homes as well to meet buyer demand. If you are thinking about buying or selling at sometime this year, I encourage you to reach out so we can discuss strategically what the best options and timing look like for you to maximize your sale or purchase. We wish everyone the strength to push through this difficult time in great health. We are here if you need us for anything!