Housing Market Amid COVID
Covid-19 has made it astoundingly apparent how important our homes are, they are not just a place to simply conduct our day to day lives anymore but also a haven of protection. If you’ve been unhappy with your landlord, home maintenance, or even your neighbors this situation probably escalated your motivation to get into a home that’s a better fit for you. Even with that eagerness to move, you may be questioning is now the right time? Will the market crash? Does my current home have value in the COVID market?
Covid-19 has made it astoundingly apparent how important our homes are, they are not just a place to simply conduct our day to day lives anymore but also a haven of protection. If you’ve been unhappy with your landlord, home maintenance or even your neighbors this situation probably escalated your motivation to get into a home that’s a better fit for you. Even with that eagerness to move, you may be questioning is now the right time? Will the market crash? Does my current home have value in the COVID market?
Since many are jobless and questioning mortgage payment options – selling, refinancing or forbearance. Selling before you see an impact on your credit and getting you into a new home within your new budget might be an appealing option for some during this time. There is more than one way to take ownership over your situation if you are facing a looming financial hardship, if you need someone who is able and willing to walk you through all of your best options please reach out before it’s too late and you are facing foreclosure.
Unfortunately, it’s safe to assume that many don’t understand what a forbearance may bring as this crisis closes out and we resume the new normal. With 4.7 million mortgages in forbearance, there has not been a clear commitment about how these forbearances will be handled. By the end of June, almost one in 10 mortgages – possibly one in eight, depending on the condition of the economy – could be in forbearance. This may cause unexpected foreclosures if people are unable to make the large balloon payments, therefore opening the market up, providing the needed additional inventory of homes. However, even with uptick in availability, it’s still unlikely that the purchase price for homes will go down or you will see a housing crash. If you were hoping to be an opportunistic buyer, banking on the advantage of a bad situation, COVID doesn’t seem to be providing that alternative in 2020.
The best way to get started in your search is not to wait around to find your new home in hopes the market goes south but to get ahead of it and start the process now so you are able to narrow down your best budget. We understand what a tumultuous time this is for many, regardless of your situation we have solutions for all types of financing and budgets. At People’s Choice Mortgage, we work with over 80 banks and know the best way to get you into a loan that fits your needs. If you are questioning if your finances could even be groomed to get you a loan, contact us now and we can go over your concerns and help you prepare yourself for what options you do have. It’s time to stop wondering about your options and get real answers! Do that today!
