The last few weeks and months have caused a major health crisis throughout the world, leading to a pause in the U.S. economy as businesses and consumers work to slow the spread of the coronavirus. The rapid spread of the virus has been compared to prior pandemics and outbreaks not seen in many years. It also has consumers remembering the economic slowdown of 2008 that was caused by a housing crash. This economic slowdown, however, is very different from 2008.
One thing the experts are saying is that while we’ll see a swift decline in economic activity in the second quarter, we’ll begin a sharp rebound in the second half of this year.
If you’re thinking about buying a home this year, here’s what you can do:
Listen to the experts.
With the current level of overall anxiety, we’re all intently seeking advice. Financial experts including real estate agents and mortgage consultants will give you the best advice possible based on the information and situation at hand, guiding you through the process to help you make the necessary adjustments and best decisions along the way.
Technology tools and resources have never been better. Use trusted resources to do traditional legwork online. Take advantage of virtual tours, video chat and even social media to research homes, neighborhoods, schools and financing options. Being socially responsible doesn’t mean you need to put your goals on hold.
You can get pre-approved for a mortgage from the comfort of your home. Pre-approval will help you better understand how much you can afford so that you can confidently make a strong offer when you’re ready to buy. It can also speed-up the homebuying process to put you in your dream home quickly when the time comes.
If you plan to stay in your home, refinancing your mortgage could be a huge help in reducing expenses or providing extra cash for emergencies.
If you have any questions, please don’t hesitate to contact Sue Meitner at 215-469-1000.