Normally, it’s the time of year when houses appear on the market like so many Spring blooms. 2020 is obviously very different – the Covid pandemic has caused financial markets to drop precipitously and soon, many Americans may lose their jobs. So what should you do if you had been planning to sell or buy a home?
During harsh recessions housing prices tend to deflate, but for both buyers and sellers. And if history is any guide, those prices tend to rebound slowly, but surely. That’s especially the case when interest rates are low (as they are likely to be for the foreseeable future) and banks have cash to lend for credit-worthy borrowers with collateral in the form of a home.
There’s still opportunity in the market
So, not a great market for flippers – but if you have to move, for a job, for family, or for other reasons – it’s time to take a deep breath and move forward with your search. And, if you are staying put, it’s also an amazing time to refinance your mortgage.
In the first week of March, refi applications were up nearly 80% over the previous week, according to the Mortgage Bankers Association, with jumbo rates at 3.58%, a level not seen since 2011. Average conforming rates were at 3.47%, again, a level not seen since the last financial crisis.
Our REX Home Loans team can get you a great rate if you lock in now, helping you to take all the necessary steps to assure your refinancing is approved.
Analyze the real market conditions
When it comes to buying and selling your home, the reality is that most consumers do their homework online anyway — 90% start the process on sites like Zillow, Google, and REXhomes.com — to understand market conditions and the competitive dynamic.
At REX, once you’ve decided to put your property on the market, all you have to do is take three easy online steps – providing basic information, selecting a price and uploading photos – and the home is listed.
Our breakthrough technology offers options
Our licensed brokers would be delighted to assist through video conferencing or a phone call to make sure you have the latest expert advice and are making the best pricing decision and they do it, at an industry beating fee of 2.5%, less than half what traditional brokers charge. Then, you sit back, and wait for offers to come in as REX markets your property across the sites where buyers look for homes.
A full line of services for your needs
We are in an age of no Open Houses. But we are prepared to handle showings in the safest of ways while conducting the vast majority of business using REX’s state-of-the-art technology platform. REX offers another huge advantage as well.
We can handle everything related to buying and selling a home online and in a single location — title, escrow, mortgage and insurance services, even repairs. We help you minimize the risk and get business done in these otherwise challenging times.