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Is It Smart To Buy A House Right Now? #brokermac
May 15, 2020 at 6:04pm | Mac Rogers
title of this video is "Is it smart to buy a home right now? Fair question right. I mean with everything going on, the virus, the shutdown, the economic downturn, a lot of buyers have put their home search on hold, yet others, others have not.
Hi guys, if you're new to the channel, my name is Mac Rogers. I'm a real estate broker here in Castro Valley, CA. I do real estate market updates as well as real estate tips for both buyers and sellers. If you would like to follow or like the info, please
click the subscribe or like button.
There's a new report out done by a company called Showing Time that shows that, there was a nationwide drop in showing traffic in eight months as the country responded to the coronavirus. That shouldn't be a surprise. However, that same report showed
that early April numbers shows signs of an upswing.
Now you would think "Why would home buyers be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country right?"
Well there are three main reasons that we can see:
Number 1. People still need to move. Whatever the reason, death in the family, a new birth, divorce, financial hardship, or a job transfer, there are people or families that needs to make a move as quickly as possible.
Number 2. I like this one. We, meaning real estate agents have adjusted to the needs of the market and have been innovative with utilizing technology that allows purchasers to virtually:
*Meet with mortgage professionals.
Basically still be able to consult with their agent throughout the process. All this being done with safety on top of the list!!!
Number 3. This is where buyers are taking advantage of current mortgage rates. They understand that this a key component when determining their monthly mortgage payments. Mortgage interest rates are still very close to all-time lows.
Take a look at the chart. You can see the difference in savings with the current mortgage rates that we have. This amount actually gets much bigger in the expensive housing market that we have here in the bay area. Whether it's in the peninsula, silicon
valley or here in the east bay like Castro Valley, Hayward and the rest of the bay.
I am surprised at the resilience of this market as more and more buyers are starting to accept that what we are going through right now maybe the new normal and chose not to wait.
There are many families that are choosing to wait and postpone their plans to purchase a home. I get it. Nothing wrong with that. But if you are one of those that started looking before this crazy virus hit us and would like to see if you can take advantage
of the less competition, the great rates, reach out to us.
We have a buyers guide that will help guide you through the process. It's FREE. And it's a great resource to have whether you are just starting your search or restarting.
My name is Mac Rogers with Albert Rogers Realty. We are here to help. Stay safe.