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Insight from the Law office of Joseph Marino, PC
You might think now is a bad time to buy a house, but contrary to the way COVID has been destabilizing everything else, it has affected the real estate market in better ways than you could guess.
The pandemic has been battering the economy in more ways than one: unemployment has reached record numbers, and stocks are hectic, to name a couple.
With stakes so severe, it leaves the general public feeling confused and uncertain - reasonably so, because COVID has pulled a lot out from under our feet. We’re trying our hardest to find traction in this new world.
You might think now is a bad time to buy a house, but contrary to the way COVID has been destabilizing everything else, it has affected the real estate market in better ways than you could guess. These effects are directly tied to why you should consider buying a house now.
Lower Interest Rates
Interest rates haven’t been so low since 1971. Just this past April, the average
30-year mortgage rate coasted under 3.5 percent.
Granted, your credit score determines what rate you can qualify for, but the chances of landing a reasonable interest rate are better now than they’ve been in the past 50 years.
Lower Competition
Historically, one of the biggest hurdles for homebuyers is the competition. With so many on the market, just as eager and determined as you are, the search for your dream house can be rather intimidating.
Nowadays, that’s barely an obstacle. Mortgage applications have slid on a
downward slope since March, dropping by a significant 35 percent, and opening options up for you.
Sellers Want to Sell—and They Want to Sell to You!
With the decrease in mortgage applications and fewer people competing against one another, sellers have less wiggle room to up the stakes.
Their motivation to sell will persist, even with homebuyers becoming fewer and further between.
What will they do? Sellers may tend toward practicing flexibility and open themselves up to negotiations they may not have previously considered.
Now is the time to be having these conversations—the odds are in your favor!
How This Works in the Midst of a Pandemic.
Even before COVID struck the world, the real estate market was already advancing toward a more remote experience. The pandemic has more or less expedited the process that was already unfurling for years.
One way these efforts turn remote is by allowing homebuyers to see the house before even stepping inside with virtual tours hosted by realtors.
This gives potential buyers a look into the
home while reducing the foot traffic through it. Of course, you’ll most likely want to actually step foot into the house before making the purchase, and we can’t blame you.
That’s where safety measures come into play. Rather than attending open houses, practice social distancing
and request private showings from your realtor.
Better Now Than Never
We are in the midst of a global pandemic. The crisis has driven away the competition and shaved down the cost of buying a home… for now. Once it passes, these elements could skyrocket again, eliminating the opportunity. Buying now might be your best move. Being a real
estate attorney in Suffolk County, NY, I’ve seen how COVID is impacting the homebuying process firsthand.
For more updates on the housing market, keep an eye out for my future
posts – I’ll be here every step of the way, analyzing market trends.
Insight from the Law office of Joseph Marino, PC
5 Ways of Dealing With the Impact of a Foreclosure
As we enter the new year, the last thing anyone has on their minds is elder law—but perhaps you should make it a New Year’s resolution to sort out your affairs this year.
Elder law attorneys like those at the Law Office of Joe Marino, PC, can help you with this process by providing advice, guidance, and support. Here are some of the things an elder law attorney may help you with:
So, what is the probate process? How can you make sure everyone will get what you want them to get? Let’s find out.
Even without a global pandemic to shut everything down, elderly people are at a disadvantage because the world is literally changing all around them. They have to adapt to and adopt new technologies that make little sense to them just to stay relevant.
There are numerous methods of investing in real estate nowadays. Did you know that you don’t have to buy a property outright in order to reap the benefits of investment? That’s right—with fractional investing, you can purchase shares in commercial or residential property and earn passive income.
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Sound legal advice is based on years of training, hard work, passion, and familiarity with legislation and precedent and sound consideration.
You’ll find all that and more at the Law Office of Joseph Marino, PC.
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