July 2020 Mortgage Market Update – Low Rates Forever? Housing Crash Looming?
Currently mortgage rates are at the lowest period in HISTORY! People that are refinancing and purchasing are seeing the lowest rates they have ever seen before. We anticipate that these low rates will continue well into the elections and possibly after. If you haven’t talked to me about refinancing or what it may look like for you to sell and buy, it’s definitely a good time to do that right now.
Is it a good time to buy?
What we are currently seeing right now is multiple offers being made, low inventory, and way more buyers than there are sellers. What that is doing is continuing to push prices up and beyond the asking price in many cases. With low rates and low inventory most economists are predicting the housing market will stay strong from here all the way through the election.
What are the alternatives?
Renting right now is very difficult in our area. Rents are going up and there are not a lot of rentals available. Many people are finding they are on waiting lists to even get into a rental. As we continue to see that there are not enough homes to rent and not enough homes to buy, the supply and demand is going to put a lot of pressure on housing. Many people that are able to purchase are finding that their monthly mortgage payment is almost comparable to what they would pay in rent, because of the current low interest rates.
If you have any questions housing related, please give me a call. I also wanted to say thank you so much for all those clients that came back to us and for those that referred other people to us. We are so appreciative of the support. I hope you and your family are safe and well.Questions? Contact Chris Today!