The constant comments I hear from those around me are how the real estate market has slowed down due to the shutdown. I know we do not like all of the negativity that the white house has caused but, let's look at it from a brighter side. Make lemonade out of lemons.
The interest rates are still fantastic! Depending on your credit scores interest rates are in the 4% range and for some the high 3% range. I can remember interest rates as high as 18%. So, with low rates you can afford to purchase more.
My next point, why not buy while everyone else is waiting? With fewer buyers looking there is less competition. I know furlough is concerning but, I understand lenders are learning to work with this uncertainty. Did you know that during our recent shutdown the lender I often work with waived the needed documentation from the IRS on transactions due to close? I do not think you heard this on the media.
For those that are considering selling their home, placing your home on the market will only give you better exposure with less properties available. You will also have more serious buyers who truely want and need a home especially if relocating.
Last, but not least. Investors there are still plenty of short sales and foreclosures for you to choose from. They are here now but will not be forever. For those thinking about a second home or have one, which by the way are a great investment at current prices, why not invest in real estate instead of the stock market or move up with a 1031 exchange if you purchased one long ago.
So what are you waiting for? We need something to look forward to, a fun adventure!
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