Sell It or HODL.? How will Interest Rates be effected due to resurfacing COVID concerns?
Watch the original video: Sell Your Home or HODL.?
Monthly Mortgage Market Update for July 2021. In this month’s video & blog, I’ll answer important questions on selling your home, HODL and interest rates. Watch the video above to learn more. (Below is a summary of each topic I discussed in the video)
⚠️ Sell or HODL
The biggest mistake I ever made in investing in real estate was that I sold too quickly. Had I held on longer I would have always been better off. Right now a popular term in Cryptocurrency is, HODL which stands for “Hold on for Dear Life.” When you are in any asset class specifically with housing, the prices can go up or down. If you are able to hold onto your assets you generally do well. If you hold onto a home for 7 to 10 years the value will always go up. If you’re looking to sell, think through the long-term impact, tax advantages, rental prices and the market. Right now prices are higher than they’ve ever been before in history. So, if you look back at the housing market crash of 2008, without it, prices would be even higher than they are now. If you are thinking about selling your home, be sure to look into how it’ll impact taxes and what the long-term benefits will be. Then, after you sell, it is wise to invest the profit into other assets and avoid putting it in savings where it has little to no chance of appreciating.
🏘 Interest Rates
Good news. Over the last month we have seen rates drop. The turbulence in the economy causing rates to go down are due to surging COVID concerns. We will make sure to keep you updated with what we’re seeing. If you haven’t refinanced yet, I would highly encourage you to look into refinancing now to take advantage of the lower rates.
I’m always available for anyone who has questions involving housing or mortgage. Feel free to reach out. Call, text or email me anytime.