Many of my friends are in the process of buying vacation homes - whether they be lakeside or beachfront properties. With interest rates at an all-time low, it's definitely an amazing time to be getting a mortage. Whether that's a first or second mortgage.
Personally, we don't have the cash for a large downpayment on a second property, but we did take advantage of the low rates and refinanced our home. It's crazy how much money we are saving every month, and we didn't even have to go through the hassle of an appraisal!
Conversely, is it a good time to be selling your house? I was thinking about this when recently updating a blog post about the Best Paint Colors For Selling Your House. Yes, it will be good in terms of the interest rates for the person buying your home. But the fact that so many realtors are not doing open houses or even in-person showings must surely make it a trying time? Not to mention, so many people have to tighten their purse strings right now because they have been furloughed or laid off.
The market definitely favors the buyer right now but how are sellers doing? I'd love to hear from you if you recently sold your home - how was the experience?