The world is currently going through an unprecedented series of events with the pandemic. For many, it’s a time to shelter in place and to be thankful for the things that they have. Things are changing for the time being, but the world will come through on the other side wiser and stronger than before.
Some of the changes that have occurred in the past few weeks from a buyer’s perspective, are actually beneficial right now.
Although the world is in uncertain times, those who have the means may find that buying a property right now could be a very good option. This is because the rates today are lower than they have been in a long time. The rates are at record lows, so buying a property has the potential to net you a great deal.
The Federal Reserve is buying unlimited amounts of mortgage-backed securities and U.S. Treasury securities. This is helping to provide more protection than what was available during the 2008 recession. In light of what’s happening currently, this will be needed. The government is also acting faster today than it did in 2008, which means the benefits could be seen sooner. By creating a greater demand in mortgage bonds and with rates low, buying could be a smart choice for those who have already been considering buying.
If you have the money available to buy a property, it simply makes sense to take advantage of the changes that are happening with the rates. While it is certainly a scary time for the world, and you might be wondering whether you should make the purchase, it’s time to consider the low rates. If you were already going to buy a home, and you are in a financial situation where you will be able to make the purchase safely, consider getting in touch and moving forward.
Of course, with the current pandemic, there is no longer such a thing as “business as usual”. During these times, you will want to consider other ways of shopping for and buying your property. Fortunately, we have plans in place that can make it much easier for you.
Houlihan & O’Malley