Let’s face it, Covid 19 has affected every one of us. Stay at home orders, social-distancing and temporary business closings, all have changed the way we shop, work, and even socialize.
Everything has been put on “Pause.” But Interest Rates are so low. This makes NOW the best time to buy a home.
Low Interest Rates
In March of 2020, the Federal Reserve cut the interest rates by half a percentage point. Right now, we are enjoying the lowest interest rates in a long while. These low rates allow you to pay less for your home over time. When you are taking out a mortgage, a low fixed rate can save you thousands. With a change in how we work and deal with our finances in the Covid 19 era, this stability is more important than ever.
With low interest rates, you may be able to afford a more expensive home or cut your monthly mortgage costs significantly. These low rates that resulted from Covid19 come with the need to overcome some obstacles. The New York Times says:
“While lower rates make more expensive homes available at a lower monthly payment, the study found that in most cities, they also effectively reduce the number of homes for sale overall, increasing competition for buyers.
Many times, when buying a home, there are many offers on the table. You are competing with other prospective buyers for the same property. This can cause stress. Did we bid enough? Are we going to get the home of our dreams? But doing your homework and working with a great Real Estate Agency, can help you overcome the competition.
Covid19 has also created some concern with lending as many people’s jobs are considered to be “not secure.” In order to take advantage of these extremely low rates, you have to have a financial institution trust your income stability. Applying for a mortgage and getting pre-approved can help you avoid this concern. A great Real Estate Agency will have built solid relationships with financial institutions and they know how to approach them to get you the mortgage you need.
Other Great Programs
There are so many programs to assist buyers. A great Real Estate Agency will have all the tools and insight to help you take advantage of these programs. Whether it be first-time buyer programs or grants, they will help you take advantage of every program.
A great Real Estate Agency will help you take advantage of these low interest rates and get you into the home of your dreams.
Giraldo Real Estate Agents are here to help you every step of the way. At Giraldo Real Estate, we believe:
Everything starts with an idea that solves a problem!
We invite you to reach out to us today to help with any of your Real Estate needs.