With everything that’s going on, a lot of people are worried that the market is going to fail or crash. However, we don’t believe that will be the case. When the stock market is tanking like it is right now, people tend to take their money off Wall Street and put it into real estate because it’s generally a safe investment. We saw this happen after 9/11, the financial crisis of 2008, and other periods of uncertainty. During times like this, people put their money into mortgage-backed securities.
It’s a very fluid situation, but we’re always on top of it from every different angle. If you need any advice, please reach out to us.
For those of you who think that you’ll wait until the market adjusts to buy, know this: Interest rates will probably never be this low again, so you have to take into consideration the cost of waiting. Mathematically, are you going to save enough money by waiting to make up for the money you’ll save over 30 years on your mortgage? The answer is different for everyone.
We invite you to ask your parents what their interest rate was when they purchased a home. Our guess is that if you compare it to what we’re seeing today, you might want to get started buying or selling sooner than later.
If you have any questions for us, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.