Anytime there is a shift in the market it can offer opportunities to those that are in a position to take advantage of them. The best time to buy also is determined by some of your personal circumstances.

  • Mortgage interest rates continue to remain very low which offers greater buying power and keeping owning a home a great alternative to renting at this time.
  • Showing activity is down. In certain markets there is the potential for less competition. This is critical for some buyers who were searching in markets with very low inventory.
  • Depending on how quickly the virus passes will play into the recovery. The quicker we get through the virus uncertainty the quicker the recovery.
  • Mortgage interest rates are enticing but volatile. Some lenders are still flooded with first quarter refinance applications. In response some have raised interest rates. In addition, lenders are throwing caution towards highly leveraged loans like the FHA product. Guidelines and requirements are growing more stringent with some lenders.
  • Unexpected job loss could come for many on either side of the transaction which can make navigating to the finish line a challenge.
  • Even though there are less buyers more sellers may hold back from listing their homes and keep or add to our inventory issues.