Move-Up vs. Second Home: Which One Is Right For You?

 

 The pandemic has changed the way many of us live, work, and attend school—and those changes have impacted our priorities when it comes to choosing a home.

 

According to a recent survey by The Harris Poll, 75% of respondents who have begun working remotely would like to continue doing so—and 66% would consider moving if they no longer had to commute as often. Some of the top reasons were to gain a dedicated office space (31%), a larger home (30%), and more rooms overall (29%).¹

 

And now that virtual school has become a reality for many families, that need for additional space has only intensified. A growing number of buyers are choosing homes further from town as they seek out more room and less congestion. In fact, a recent survey found that nearly 40% of urban dwellers had considered leaving the city because of the COVID-19 outbreak.²

 

But not everyone is permanently sold on suburban or rural life. Instead, some are choosing to purchase a second home as a co-primary residence or frequent getaway. Without the requirements of a five-day commute, many homeowners feel less tethered to their primary residence and are eager for a change of scenery after spending so much time at home.

 

If you’re feeling cramped in your current space, you’ve probably considered a move. But what type of home would suit you best: a move-up home or a second home? Let’s explore each option to help you determine which one is right for you.

 

 

WHY CHOOSE A MOVE-UP HOME?

 

A move-up home is typically a larger or nicer home. It’s a great choice for families or individuals who simply need more space, a better location, or want features their current home doesn’t offer—like an inground pool, a different floor plan, or a dedicated home office.

 

Most move-up buyers choose to sell their current home and use the proceeds as a downpayment on their next one. If you’re struggling with a lack of functional or outdoor space in your current home, a move-up home can greatly improve your everyday life. And with mortgage rates at their lowest level in history, you may be surprised how much home you can afford to buy without increasing your monthly payment.^3,4

 

To learn more about mortgage rates, contact us for a free copy of our recent report! “Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers”

 

One major benefit of choosing a move-up home is that you can typically afford a nicer place if you spend your entire budget on one property. However, if you’re longing for that vacation vibe, a second home may be a better choice for you.

 

 

WHY CHOOSE A SECOND HOME?

 

Once reserved for the ultra-wealthy, second homes have become more mainstream. Home sales are surging in many resort and bedroom communities as city dwellers search for a place to escape the crowds and quarantine in comfort.⁵ And with air travel on hold for many families, some are channeling their vacation budgets into vacation homes that can be utilized throughout the year.

 

A second home can also be a good option if you’re preparing for retirement. By purchasing your retirement home now, you can lock in a low interest rate, start paying down the mortgage, and begin enjoying the perks of retirement living while you’re still fit and active. Plus, it’s easier to qualify for a mortgage while you’re employed, although you may be charged a slightly higher interest rate than on a primary home loan.⁶

 

One advantage of choosing a second home is that you can offset a portion of the costs—and in some cases turn a profit—by renting it out on a platform like Airbnb or Vrbo. However, be sure to consult with a real estate professional or rental management company to get a realistic sense of the property’s true income potential.

 

 

WHICH ONE IS RIGHT FOR ME?

 

You may read this and think: I’d really like both a move-up home AND a second home! But if you’re dealing with a limited budget (aren’t we all?), you’ll probably need to make a choice.  These three tactics can help you decide which option is right for you.

 

1. Determine Your Time and Financial Budget

 

You may meet the bank’s qualifications to purchase a home, but do you have the time, energy, and financial resources to maintain it? This is an important question to ask yourself, no matter what type of home you choose.

 

Most buyers realize that a second home will mean double mortgages, utilities, taxes, and insurance. But consider all the extra time and expense that goes into maintaining two properties. Two lawns to mow. Two houses to clean. Two sets of systems and appliances that can malfunction. Second homes aren’t always a vacation. Make sure you’re prepared for the labor and carrying costs that go into maintaining another residence.

 

Of course, some move-up homes require more work than a second home. For example, if your move-up option is a major fixer-upper, you’ll probably invest more energy and capital than you would on a small vacation condo by the beach. Have an honest discussion about how much time and money you want to spend on your new property. Would a move-up home or a second home be a better fit given your parameters?

 

2. Rank Your Priorities

 

If you’re still undecided, make a wish list of the characteristics you’d like in your new home. Then rank each item from most to least important. This exercise can help you determine your “must-have” features—and which ones you may need to sacrifice or delay. Here’s a sample to help you get started:

 

#	FEATURE
	Dedicated home office
	Extra bedroom
	Pool
	Walk to the beach
	Big backyard
	Close to friends and family
	Short commute to the office
	Investment potential

 

 

3. Explore Your Options

 

Once you’ve determined your parameters and priorities, it’s time to begin your home search.

If you’re still not sure whether a move-up home or a second home is right for you, we can help.

 

Contact me to schedule a free consultation. I’ll discuss your options and help you assess the pros and cons of each, given your unique circumstances.

 

I can also send you property listings for both move-up homes and second homes within your budget so you can better envision each scenario. Sometimes, viewing listings of homes that meet your criteria can make the decision clear.

 

 

LET’S GET MOVING

 

Whether you’re ready to make a move or need help weighing your options, I’d love to help. I can determine your current home’s value and show you local properties that fit within your budget and lifestyle goals. Or, if your heart is set on a second home in another market, I can refer you to an agent in your dream locale. Contact me today to schedule a free, no-obligation consultation!

 

 

Sources:

1.      Zillow -
https://www.zillow.com/research/coronavirus-remote-work-suburbs-27046/

2.      The Harris Poll -
https://theharrispoll.com/should-you-flee-your-city-almost-40-have-considered-it-during-the-pandemic/

3.      MarketWatch -
https://www.marketwatch.com/story/mortgage-rates-keeping-falling-so-will-they-finally-drop-to-0-2020-08-13

4.      Toronto Star -
https://www.thestar.com/business/2020/08/07/you-can-get-a-fixed-rate-as-low-as-184-per-cent-which-is-unbelievable-low-mortgage-rates-driving-up-home-prices.html

5.      Kiplinger -
https://www.kiplinger.com/real-estate/buying-a-home/601091/timely-reasons-to-buy-a-vacation-home

The Press-Enterprise -
https://www.pe.com/2018/11/17/5-tips-on-when-should-you-buy-a-retirement-house-hint-before-you-quit-work/

This! ...With a Home Office, Near the Beach. Interview with the Agent.

 7500 Promontory Ct, Wilmington NC

Townhome:  3bed/2.5bath; 2,437 sq ft; 2-car garage 

An interview with the listing agent, Mary Lynn Blake, of Coldwell Banker Sea Coast Advantage:

What makes this home special?

I think there's a lot to love about 7500 Promontory Ct. -- Location. Size. Convenience. Price!  If you want to live near the beach, but don't want to pay beach-front prices, this very spacious townhome could be just the ticket. This home is just 1.6 miles from beautiful Carolina Beach, 8 miles from my favorite beach, Fort Fisher State Recreation Area, and only 25 minutes from Historic Downtown Wilmington NC.

What is your favorite feature?

I have several favorites. The vaulted ceilings -- over 18 feet -- add a lot of drama and a sense of spaciousness in the living room. The upstairs loft/bonus room also has surprisingly high ceilings, too -- over 11 ft.  

The butler's pantry provides great extra storage and counter space. (It's perfect for a coffee bar, if you ask me!)  

Then there's the separate office space upstairs, which has a wet bar and drinks fridge -- so convenient if you are working in the home office or using the loft as a game or TV room!

Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers

In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.¹ And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain?

 

While average mortgage rates have drifted between 4% and 5% in recent years, they haven’t always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%.² As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It’s hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981.³

 

Fortunately for home buyers, inflation normalized by October 1982, which sent mortgage rates on a downward trajectory that would bring them as low as 3.31% in 2012.³ Since 2012, 30-year fixed rates have risen modestly, with the daily average climbing as high as 4.94% in 2018.⁴

 

So what’s causing today’s rates to sink to unprecedented lows? Economic uncertainty.

 

Mortgage rates generally follow bond yields, because the majority of U.S. mortgages are packaged together and sold as bonds. As the coronavirus pandemic continues to dampen the economy and inject volatility into the stock market, a growing number of investors are shifting their money into low-risk bonds. Increased demand has driven bond yields—and mortgage rates—down.⁵

 

However, according to National Association of Realtors Chief Economist Lawrence Yun, “the number one driver of low mortgage rates is the accommodating Federal Reserve stance to keep interest rates low and to buy up mortgage-backed securities.” According to Yun, “we will see mortgage rates stay near this level for the next 18 months because of the significance of the Fed’s stance.”⁶

 

 

HOW DO LOW MORTGAGE RATES BENEFIT CURRENT HOMEOWNERS?

 

Low mortgage rates increase buyer demand, which is good news for sellers. But what if you don’t have any plans to sell your home? Can current homeowners benefit from falling mortgage rates? Yes, they can!

 

A growing number of homeowners are capitalizing on today’s rock-bottom rates by refinancing their existing mortgages. In fact, refinance applications have surged over the past few months—and for a good reason.⁷ Reduced interest rates can save homeowners a bundle on both monthly payments and total payments over the lifetime of a mortgage.

 

The chart below illustrates the potential savings when you decrease your mortgage rate by just one percentage point. When it comes to refinancing, the bigger the spread, the greater the savings.

 

Estimated Monthly Payment On a 30-Year Fixed-Rate Mortgage

 

Loan Amount	4.0%	3.0%	Monthly Savings	Savings Over 30 Years
$100,000	$477	$422	$55	$20,093
$200,000	$955	$843	$112	$40,184
$300,000	$1,432	$1,265	$167	$60,277
$400,000	$1,910	$1,686	$224	$80,368
$500,000	$2,387	$2,108	$279	$100,461

 

 

Be sure to factor in any prepayment penalties on your current mortgage and closing costs for your new mortgage. For a refinance, expect to pay between 2% to 5% of your loan amount.⁸ You can divide your closing costs by your monthly savings to find out how long it will take to recoup your investment, or use an online refinance calculator. For a more precise calculation of your potential savings, we’d be happy to connect you with a mortgage professional in our network who can help you decide if refinancing is a good option for you.

 

 

HOW DO LOW MORTGAGE RATES BENEFIT HOME BUYERS?

 

We’ve already shown how low rates can save you money on your mortgage payments. But they can also give a boost to your budget by increasing your purchasing power. For example, imagine you have a budget of $1,500 to put toward your monthly mortgage payment. If you take out a 30-year mortgage at 5.0%, you can afford a loan of $279,000.

 

Now let’s assume the mortgage rate falls to 4.0%. At that rate, you can afford to borrow $314,000 while still keeping the same $1,500 monthly payment. That’s a budget increase of $35,000!

 

If the rate falls even further to 3.0%, you can afford to borrow $355,000 and still pay the same $1,500 each month. That’s $76,000 over your original budget! All because the interest rate fell by two percentage points. If you’ve been priced out of the market before, today’s low rates may put you in a better position to afford your dream home.

 

On the other hand, rising mortgages rates will erode your purchasing power. Wait to buy, and you may have to settle for a smaller home in a less-desirable neighborhood. So if you’re planning to move, don’t miss out on the phenomenal discount you can get with today’s historically-low rates.

 

 

HOW LOW COULD MORTGAGE RATES GO?

 

No one can say with certainty how low mortgage rates will fall or when they will rise again. A lot will depend on the trajectory of the pandemic and subsequent economic impact.

 

Forecasters at Freddie Mac and the Mortgage Bankers Association predict 30-year mortgage rates will average 3.2% and 3.5% respectively in 2021.^9,10 However, economists at Fannie Mae expect them to dip even lower to an average of 2.8% next year.¹¹

 

Still, many experts agree that those who wait to take advantage of these unprecedented rates could miss out on the deal of a lifetime. “With rates now at all-time historic lows, it’s hard to imagine that people may be holding out for something even better," warns Paul Buege, president and COO of Inlanta Mortgage.¹² Positive news about a vaccine or a faster-than-expected economic recovery could send rates back up to pre-pandemic levels.

 

HOW CAN I SECURE THE BEST AVAILABLE MORTGAGE RATE?

 

While the average 30-year mortgage rate is hovering around 3%, you can do a quick search online and find advertised rates that are even lower. But these ultra-low mortgages are typically reserved for only prime borrowers. So what steps can you take to secure the lowest possible rate?

 

1. Consider a 15-Year Mortgage Term

 

Lock in an even lower rate by opting for a 15-year mortgage. If you can afford the higher monthly payment, a shorter mortgage term can save you a bundle in interest, and you’ll pay off your home in half the time.¹³

 

2. Give Your Credit Score a Boost

 

The economic downturn has made lenders more cautious. These days, you’ll probably need a credit score of at least 740 to secure their lowest rates.¹⁴ While there’s no fast fix for bad credit, you can take steps to help your score before you apply for a loan:¹⁵

●      Dispute inaccuracies on your credit report.

●      Pay your bills on time, and catch up on any missed payments.

●      Hold off on applying for new credit.

●      Pay off debt, and keep balances low on your credit cards.

●      Don’t close unused credit cards (unless they’re charging you an annual fee).

 

3. Make a Large Down Payment

 

The more equity you have in a home, the less likely you are to default on your mortgage. That’s why lenders offer better rates to borrowers who make a sizable down payment. Plus, if you put down at least 20%, you can avoid paying for private mortgage insurance.

 

4. Pay for Points

 

Discount points are fees paid to the mortgage company in exchange for a lower interest rate. At a cost of 1% of the loan amount, they aren’t cheap. But the investment can pay off over the long-term in interest savings.

 

5. Shop Around

 

Rates, terms, and fees can vary widely amongst mortgage providers, so do your homework. Contact several lenders to find out which one is willing to offer you the best overall deal. But be sure to complete the process within 45 days—or else the credit inquiries by multiple mortgage companies could have a negative impact on your credit score.¹⁶

 

 

READY TO TAKE ADVANTAGE OF THE LOWEST MORTGAGE RATES IN HISTORY?   Mortgage rates have never been this low. Don’t miss out on your chance to lock in a great rate on a new home or refinance your existing mortgage. Either way, we can help.   We’d be happy to connect you with the most trusted mortgage professionals in our network. And if you’re ready to start shopping for a new home, we’d love to assist you with your search—all at no cost to you! Contact us today to schedule a free consultation.

 

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

 

 

Sources:

1.      CNN Business -
https://www.cnn.com/2020/07/16/success/30-year-mortgage-rates-record-low/index.html

2.      Freddie Mac -
http://www.freddiemac.com/pmms/pmms30.html)

3.      Value Penguin -
https://www.valuepenguin.com/mortgages/historical-mortgage-rates

4.      Federal Reserve Bank of St. Louis -
https://fred.stlouisfed.org/graph/?g=NUh

5.      Bankrate -
https://www.bankrate.com/mortgages/how-interest-rates-are-set/

6.      Washington Post -
https://www.washingtonpost.com/business/2020/06/25/mortgage-rate-remains-historic-low/

7.      Yahoo! Finance -
https://finance.yahoo.com/news/mortgage-refinancing-makes-big-comeback-151500346.html

8.      Bankrate -
https://www.bankrate.com/mortgages/is-no-closing-cost-for-you/

9.      Freddie Mac June 2020 Quarterly Forecast -
http://www.freddiemac.com/fmac-resources/research/pdf/202006-Forecast.pdf

10.   Mortgage Bankers Association Mortgage Market Forecast July 15, 2020 -
https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary

11.   Fannie Mae July 2020 Housing Forecast -
https://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_071420.pdf

12.   Washington Post -
https://www.washingtonpost.com/business/2020/06/25/mortgage-rate-remains-historic-low/

13.   Investopedia -
https://www.investopedia.com/articles/personal-finance/042015/comparison-30year-vs-15year-mortgage.asp

14.   Money -
https://money.com/mortgage-rates-below-three-percent/

15.   Experian -
https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/improve-credit-score/

16.   Equifax -
https://www.equifax.com/personal/education/credit/report/understanding-hard-inquiries-on-your-credit-report/

7515 Promontory CT, Wilmington NC House Tour

Did you miss the open house?  Don't worry!   Here's a quick, (and very!) informal house tour of this super spacious townhome that is close to beaches and surrounded by nature.  It offers a ground-floor owner's suite, separate office and much, much more!  If you'd like more info, check out this link:  https://mblake.seacoastrealty.com/for-sale/7515-promontory-court-wilmington-nc-28412/99-819907

Is Now a Good Time to Buy or Sell Real Estate?

Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, new listings fell nearly 45% nationally, and sales volume fell 15% compared to last year.¹  

Note:  These are national figures. Local stats for our 3-county area also show a very sharp drop in new listings and sales volume after a very hot start to the year; but it’s worth noting that even with this decline in numbers since February, new home listings are still up 4.4% over this time last year, and sales are 8.6% higher. 

Fortunately, as restrictions have eased, we’ve seen an uptick in market activity both nationally and locally. And economists at Realtor.com expect a rebound in July, August, and September, as fears about the pandemic subside, and buyers return to the market with pent-up demand from a lost spring season.²

But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market?

Before you decide, it’s important to consider where the housing market is headed, how it could impact your timeline and ability to buy a home, and your own individual needs and circumstances.

WHAT’S AHEAD FOR THE HOUSING MARKET?

The economic aftermath of the coronavirus outbreak has been severe. We’ve seen record  unemployment numbers, and economists believe the country is headed toward a recession. But people still need a place to live. So what effect will these factors have on the housing market?

Home Values Projected to Remain Stable

Many Americans recall our last recession and assume we will see another drop in home values. But the 2008 real estate market crash was the cause—not the result—of that downturn. In fact, ATTOM Data Solutions analyzed real estate prices during the last five recessions and found that home prices actually went up in most cases. Only twice (in 1990 and 2008) did prices fall, and in 1990 it was by less than one percent.³

Many economists expect home values to remain relatively steady this time around. And so far, that’s been the case. As of mid-May, the median listing price in the U.S. was up 1.4% from the same period last year.⁴

Demand for Homes Will Exceed Available Supply

There’s been a shortage of affordable homes on the market for years, and the pandemic has further hindered supply. In addition to sellers pulling back, new home starts fell 22% in March.⁵ In fact, Fannie Mae doesn’t foresee a return to pre-pandemic construction levels before the end of 2021.⁶

This supply shortage is expected to prop up home prices, despite recessionary pressures. Fannie Mae and the National Association of Realtors predict housing prices will rise slightly this year⁷, while Zillow expects them to fall between 2-3%.⁸ Still, that would be a far cry from the double-digit declines that occurred during the last recession.⁹

Government Intervention Will Help Stabilize the Market

Policymakers have been quick to pass legislation aimed at preventing a surge in foreclosures like we saw in 2008. The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress gives government-backed mortgage holders who were impacted by the pandemic up to a year of reduced or delayed payments.¹⁰

The Federal Reserve has also taken measures to help stabilize the housing market, lower borrowing costs, and inject liquidity into the mortgage industry. These steps have led to record-low mortgage rates that should help drive buyer demand and make homeownership more affordable for millions of Americans.¹¹

HOW HAS THE REAL ESTATE PROCESS CHANGED?

As the pandemic hit, real estate and mortgage professionals across the country revised their processes to adapt to shifting safety standards and economic realities. While these new ways of conducting business may seem strange at first, keep in mind, military clients, international buyers, and others have utilized many of these methods to buy and sell homes for years.

New Safety Procedures

The safety of my clients as well as my real estate colleagues is my top priority. That’s why I’ve developed a process for buyers and sellers that utilizes technology to minimize personal contact.

For my listings, I’m holding online open houses, offering virtual viewings, and conducting walk-through video tours. I’m also using video chat to qualify interested buyers before I book in-person showings. This enables me to promote your property to a broad audience while limiting physical foot traffic to only serious buyers.

Likewise, my buyer clients can view properties online and take virtual video tours to minimize the number of homes they step inside. Ready to visit a property in person? I can decrease surface contact by asking the seller to turn on all the lights and open doors and cabinets before your scheduled showing.

The majority of my “paperwork” is also digital. In fact, many of the legal and financial documents involved in buying and selling a home went online years ago. You can safely view and eSign contracts from your smartphone or computer.

Longer Timelines and Higher Mortgage Standards

The real estate process is taking a little longer these days. Both buyers and sellers are more cautious when it comes to viewing and showing homes. And with fewer house hunters and less available inventory, it can take more time to match a buyer with the right property.

In a recent survey, 67% of Realtors also reported delays in the closing process. The top reasons were financing and buyer job loss, but appraisals and home inspections are also taking more time due to shifting safety protocol.¹²

Securing a mortgage may take longer, too. With forbearance requests rising, lenders are getting increasingly conservative when it comes to issuing new loans. Many are raising their standards—requiring higher credit scores and larger down payments. Prepare for greater scrutiny, and build in some extra time to shop around.¹³

IS IT THE RIGHT TIME FOR ME TO MAKE A MOVE?

The reality is, there is no “one size fits all” answer as to whether it’s a good time to buy or sell a home because everyone’s circumstances are unique. But now that you know the state of the market and what you can expect as you shop for real estate, consider the following questions:

Why do you want or need to move?

It’s important to consider why you want to move and if your needs may shift over the next year. For example, if you need a larger home for your growing family, your space constraints aren’t likely to go away. In fact, they could be amplified as you spend more time at home.

However, if you’re planning a move to be closer to your office, consider whether your commute could change. Some companies are rethinking their office dynamics and may encourage their employees to work remotely on a permanent basis.

How urgently do you need to complete your move?

If you have a new baby on the way or want to be settled before schools open in the fall, I recommend that you begin aggressively searching as soon as possible. With fewer homes on the market and a lengthier closing process, it’s taking longer than usual for clients to find and purchase a home.

However, if your timeline is flexible, you may be well-positioned to score a deal. I’m seeing more highly-incentivized sellers who are willing to negotiate on terms and price. Talk to me about setting up a search so I can keep an eye out for any bargains that pop up. And get pre-qualified for a mortgage now so you’ll be ready to act quickly.

If you’re eager to sell this year, now is the time to begin prepping your home for the market. A second wave of infections is predicted for the winter, which could mean another lockdown.¹⁴ If you wait, you might miss your window of opportunity.

How long do you plan to stay in your new home?

The U.S. real estate market has enjoyed steady appreciation since 2012, which made it fairly easy for owners and investors to buy and sell properties for a profit in a short period of time. However, with home values expected to remain relatively flat over the next year, your best bet is to buy a home you can envision yourself keeping for several years. Fortunately, at today’s rock-bottom mortgage rates, you can lock in a low interest rate and start building equity right away.

Can you meet today’s higher standards for securing a mortgage?

Mortgage lenders are tightening their standards in response to the growing number of mortgage forbearance requests. Many have raised their minimum credit score and downpayment requirements for applicants. Even if you’ve been pre-qualified in the past, you should contact your lender to find out if you meet their new, more stringent standards.

Is your income stable?

If there’s a good chance you could lose your job, you may be better off waiting to buy a home. The exception would be if you’re planning to downsize. Moving to a less expensive home could allow you to tap into your home equity or cut down on your monthly expenses.

WHEN YOU’RE READY TO MOVE—I’M READY TO HELP

While uncertain market conditions may give pause to some buyers and sellers, this can actually present an opportunity for those who are willing, able, and motivated to make a move.

Your average spring season would be flooded with real estate activity. But right now, only motivated players are out in the market. That means that if you’re looking to buy, you’re in a better position to negotiate a great price. And today’s record-low mortgage rates could give a big boost to your purchasing power. In fact, if you’ve been priced out of the market before, this may be the perfect time to look.

If you’re hoping to sell this year, you’ll have fewer listings to compete against in your neighborhood and price range. But you’ll want to act quickly. Economists expect a surge of eager buyers to enter the market in July—so you should start prepping your home now. And keep in mind, a second wave of coronavirus cases could be coming in this winter. Ask yourself how you will feel if you have to face another lockdown in your current home.

Let’s schedule a free virtual consultation to discuss your individual needs and circumstances. I can help you assess your options and create a plan that makes you feel both comfortable and confident during these unprecedented times.

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Sources:

1.      Forbes - https://www.forbes.com/sites/ellenparis/2020/05/08/latest-housing-market-update-from-realtorcom/#20bf7829113e

2.      HousingWire -
https://www.housingwire.com/articles/realtor-com-housing-market-will-bounce-back-this-year-but-the-rebound-will-be-short-lived/

3.      Curbed -
https://www.curbed.com/2019/1/10/18139601/recession-impact-housing-market-interest-rates

4.      Realtor.com -
https://www.realtor.com/research/weekly-housing-trends-view-data-week-may-9-2020/

5.      Money.com -
https://money.com/coronavirus-real-estate-home-prices/

6.      Fannie Mae -
https://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_051320.pdf

7.      HousingWire -
https://www.housingwire.com/articles/pending-home-sales-tumble-on-covid-19-shock/

8.      HousingWire -
https://www.housingwire.com/articles/zillow-predicts-small-home-price-drop-through-rest-of-2020/

9.      Federal Reserve Bank of St. Louis -
https://fred.stlouisfed.org/series/CSUSHPINSA

10.   Consumer Financial Protection Bureau -
https://www.consumerfinance.gov/coronavirus/cares-act-mortgage-forbearance-what-you-need-know/

11.   Bankrate -
https://www.bankrate.com/mortgages/federal-reserve-and-mortgage-rates

12.   National Association of Realtors -
https://www.nar.realtor/sites/default/files/documents/2020-05-11-nar-flash-survey-economic-pulse-05-14-2020.pdf 

13.   Forbes -
https://www.forbes.com/sites/alyyale/2020/04/17/buying-a-home-during-the-pandemic-dont-expect-your-everyday-home-purchase/#fadad3d33b0c

14.   Washington Post -
https://www.washingtonpost.com/health/2020/04/21/coronavirus-secondwave-cdcdirector/