It seems like the coronavirus is affection for all aspects of life. It seems that this virus is also having an impact on mortgages. You may be looking to sell your house but this virus may affect the number of people that are coming to see it. If you are looking for a company to sell your house to or are simply looking to sell your home in phoenix, here’s what you should know.
Buying a home is a huge decision. You will be living at your home and no matter what size home you purchase it is going to be very expensive. Now is not a good time to sell your home. If you are looking to sell a home you should be in a good position as long as you are not looking to make a huge profit. Mortgage rates across the United States are at an all-time low. These rates are the lowest they have been in 8 years. If you’re in a position where you’re saying, “I want to sell my house” but are wondering how the Coronavirus will affect the housing market, don’t panic, but be sure to adjust accordingly.
The average interest rates for mortgages are dropping. These rates are reaching a record low. This allows more people to get approved for the mortgage and will allow you to sell your house fast. The 30-year mortgage is the top popular type that is taken out by home buyers. This rate fell to an average of 3.3 percent based on information from the Mortgage News Daily. At the same time last year, the average interest rate for buyers was around 4.5 percent. The next popular type of mortgage which is the 15-year loan is also lower than this time last year. The rate last year was 4.1 percent and this year it is 3.09 percent. This allows more people to purchase this home and is allowing you to sell your home fast phoenix. In response to the outbreak of coronavirus and its adverse effects on the economy, Sunday the Federal Reserve announced an emergency cut in interest rates, bringing them to 0%. This is the second emergency cut in the past week. The mortgage rates for buyers have not been lower and they have not moved aggressively lower as they are moving at this time. Mortgage officers are looking to see how low these rates will go which will allow people to buy and sell homes quickly.
If you are selling your home low-interest rates on mortgages are good news for you. This will allow the buyer to have lower monthly payments and make it possible for more people to be able to get into a home. Based on information from the news station CBS, the Federal Reserve cut interest rates on mortgages three times last year when the economy was showing signs of weakness. The mortgage interest rates are going to remain low while the inflation rates are staying the same. The banks are getting used to this and they are willing to lend buyers money at a lower interest rate. Due to the coronavirus and the various areas where it is affecting people some business at lower rates is better than no business at all.
There has been some information released as to why people are looking to purchase a home and why it is a good time to sell your house. Based on a report from the Wall Street Journal fear of the coronavirus is causing mortgage rates to drop due to the fall in the sinking stocks and bonds. The Treasury note which is the benchmark used to determine interest rates including mortgage rates is at an all-time low. This is in part due to fear of how the virus will impact the global economy. While it may not be good for the economy as a whole it is good if you are looking to sell your house quickly.
While you may be worried if people are going to come to your home and see if there are alternatives. When buyers are looking for a home the first place they often go to is the internet. Real estate companies are using the internet to help sell homes. Potential buyers can browse the internet and see the homes they are interested in and contact their agent about the home. There is no need to go out and see the home in person. A person that is interested in your home may even be able to use virtual reality to see what their belongings will look like in your space. They can check out the yard online. All you need to do is make sure you have some high-quality images posted. The potential buyers can even look at the surrounding areas and do some research on the town before looking at your home. They can do all of this from the safety of their home. They can then make the offer on the home and can even sign the majority of the closing paperwork over the internet. There is no need to come in contact with other humans.
While the Center for Disease Control is tracking the spread of the coronavirus and events are being canceled not all things are looking bad. According to senior White House economic adviser Larry Kudlow, the United States is holding up nicely. The economy is steady and people are still making money. This gives them the power to purchase homes and get approved for mortgages. Real estate stocks have continued to be strong. This is due to the low-interest rates that are being offered and this allows people to continue to purchase their home. The stocks for home improvement stores are also going strong which will show that there is hope in the stock market and certain areas of the business world. Sales of homes are even expected to jump as high as two percent in the coming month.
While the coronavirus is keeping people at home it does not seem to be affecting the housing market. You can still sell your house quickly and for a profit despite this virus. Buyers are enjoying record low-interest rates. As long as these rates remain low buyers will continue to purchase homes and you will be able to sell your home even with the coronavirus.