Buying in uncertain times...

With the pandemic in full swing and the markets all over the place with interest rates on an unstable balance and jobs struggling to hang on to workers where does that put you as a home buyer? Is it smart to buy? Is it best to wait? Will it ever be possible? What's changing in the marketplace? 

All of these are really good questions for a buyer to ask and for each buyer there might be a slightly different answer. The short answer is that it is a great time to be buying a home. There isn't a lot of inventory and homes are still moving quickly off the market. Pricing is remaining solid and for buyers and sellers that is a good indicator of where the market is at. 

The long answer is that things are tightening up a bit. Buying a home is a good idea. It puts you in position to gain equity over time and to avoid the endless cycle of renting for years and years to come. 

It might, however, be better to wait if.. (a) you are currently on furlough or likely will be prior to closing, (b) you have a credit score is on the lower end, (c) you don't have any cash reserves for a down payment. I would still recommend chatting with a lender to find out exactly where you are at so that the pieces can fall into place when it is time for you to buy.

Over the last couple of weeks we have seen interest rates rise and fall and bounce all around.  If you are considering buying a home now it would be good to touch base with a lender (I can recommend one if you need) and find out where your rates are likely to fall and then watch the market together. 

In the last week or so investors have started tightening up their belts a bit. They are changing the acceptable interest rates a bit raising them depending on the lender and program.

Appraisals... for the time being many appraisers are being allowed to do exterior only appraisals. This is for safety of appraisers and homeowners alike during our pandemic state. 

If you are considering a purchase I'd love to chat. Let's talk about timing, possibility, need and how I can help. No matter your situation it is worth the discussion.