Is It A Good Time To Purchase A Home Today in America?! To Buy Or Not To Buy That Is The Question.

Implications like these tell us that a Buyer’s markets, within the next couple of months, could possibly be coming. Inventory may come on the market at much more accurate prices. The people who will benefit from this, will be essential workers, who have strong cash reserves on hand

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undefined De-listings are up way over 100 Percent this quarter, that is the highest it has been in history today so what does this mean to us Real Estate Investors and Home Buyers. The corona-virus has put a wrench in this years real estate market —but don’t expect buyers to lower their prices. Today’s Sellers are simply not giving in to the temptation to lowers prices accordingly. Along with the Sellers making it hard for buyers, Lenders are also making it harder to close new loans even though rates are low, staff are laid off or working from home, and the Covid-19 environment makes things like getting inspections and appraisals much more difficult.

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Implications like these tell us that a Buyer’s markets, within the next couple of months, could possibly be coming. Inventory may come on the market at much more accurate prices. The people who will benefit from this, will be essential workers, who have strong cash reserves on hand. Potentially you may actually have less competition and a more level playing field when it comes to offers and closing cost concessions, because showings are – No pun intended- virtually limited.

Key Takeaways

  • It’s a Great time to buy if you’re not at risk of being laid off
  • You have an ample amount of cash reserves to use as a safety net
  • Get a Number or Price you can work with, Negotiate the price down

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The work from home experiment has proven to workout for the economy, this means that the demand for homes with office space will be up. So when scouring the market for a home be sure to add extra space/ home office as a requirement to the menu.  Evidently the big winners will be home-buyers who have patience, however if you can get a discounted deal in today’s market with a low interest then your in the game.

90 Percent of Millionaires become so through owning real estate

– Andrew Carnegie

Coronavirus| How to Get Mortgage Relief during the Covid-19 Epidemic

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2020 has been an interesting year nonetheless. From raising our newborn and bringing her into the new year, to dealing with a global epidemic. The real estate market has been in a frenzy, with the covid-19 preventing people from paying their mortgage payments on time. Luckily, I’ve been able to adjust accordingly to these new changes going on.

First things first, I advise you if you haven’t already put your mortgage into forbearance and get some type of relief… Do it! Millions of Americans are blowing up lenders phone lines to the point where you won’t get through and will have a hard time. You may just give up, procrastinate, and not do it at all especially since the percentage of requests to postpone mortgage payments jump nearly 2,000%.

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Fortunately after what seemed like 15 to 20 times, I was finally able to put my investment property into forbearance for 3 months. I believe in the phrase, It’s better to be safe rather than sorry and if we get passed this whole epidemic faster than we expect, then i can just take my mortgage off of forbearance. If you happen to also be putting your mortgage into forbearance, beware of rules that may come into play. Your lender may not allow to forward your mortgage payments to the end of your loan. So after your 3 months of forbearance is up, you may have to pay those missed payments in full. Put your money to the side, and be ready to pay in full. 

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Banks such as Wells Fargo, Bank of America and Chase have outright said that customers have to repay those postponed payments in a lump sum once three months are up. It all depends on who your lender is, this unexpected demand could put homeowners deeper in debt as millions are laid off and watching their retirement savings plunge with the stock market. So if you do plan to enter forbearance please be smart, and have reserves to tap into.

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After being allowed to put my mortgage into forbearance, I took advantage of current mortgage rates being super low, and I refinanced my primary residence. This drops my mortgage a little under 200 dollars, putting less pressure on my wallet. From doing this refinance, I was also granted a month void from paying mortgage. One free month, to save money  and add to my emergency fund. 

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This was definitely a win- win situation because I’m off the hook from paying my 1st mortgage, and because of the refinance I’m lowering my monthly payment and also able to skip a months payment. If you’re in this predicament where you have one or two mortgages, follow this case study and get ahead of the curve, until we flatten this curve.