2019 was a year that made history in a decade and this housing pandemic market has boomed since interest rates are surely unheard of. The time is now to sell your home and benefit from proceeds. Many will say that is fine but where will I move? I advise to buy land and build while in the process, rent for 9-10 months if possible.
These mortgage interest rates drive consumer buying demand and from hands on experience inventory is super low and demand is high, because as soon as home hits the market, on day one you have at least twenty inquiries and as we all know cash is king. It's undoubtably a sellers market and housing market is hot while interest rates are low! I was entertaining an offer with my buyer on an 800K home and there was already four cash offers above asking price. My guess is that families from out west, California and New England migrating here where it is less inexpensive to live. However home prices are still on the rise. These times reminds of 2004-2005 bubble burst. There are social distancing lines waiting to see homes.
Contract coming is waiving inspections and appraisals. Many buyer's are paying up to 30k over asking price and paying the difference to purchase homes. It is definitely a sellers hot market and inventory of available homes are low.
COVID-19 is truly a player for these interest rates to fall drastically. Many homeowners have lost their jobs, passed away and mortgages are behind. Banks and homeowners can only hold on so long until relief comes in. With our new president in place, Congress is working a second financial package of relief for the businesses, homeowners and all who has lost their job which should be out shortly and to support this pandemic economic to recover. Landlords all over are truly hurting with homeowners losing jobs and laws in place to protect the tenant.
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