With all the negativity in the world right now, I thought I would use this month’s column to spread some positivity!
As many of you know, house values are climbing in 2020. Sellers are receiving good, qualified offers...sometimes multiple offers on their homes when listed at the right price. This has created a lot of opportunity for sellers who were thinking of making a change in the next couple years to take advantage of the current conditions.
For buyers, the good news is that interest rates are at all-time lows! This enables buyers to save thousands of dollars on interest when buying homes. In many cases, it allows them to buy a bigger or more expensive home than what they would have qualified for previously because the low interest is keeping monthly payments down.
I took a seminar recently from one of the top real estate coaches in the county and he said that showings for houses are up 60 percent nationally in August 2020 over August 2019. 60 percent! That means that houses for sale are getting significantly more buyer traffic this year than last year. Typically, more showings = more potential to find the right buyer and get the most money possible for your home. Plus, with COVID, I personally, as well as many agents, have been pre-qualifying the buyers to limit exposure to everyone. So, the showings booked are more qualified than last year as well. This also makes for more productive appointments with buyers that are pre-approved financially to purchase rather than just curious about your house.
If you are not looking to buy or sell there is still good news. With record low interest rates, homeowners may be able to refinance their current mortgage and save money each month. If you haven’t refinanced recently, you should reach out to your loan officer and check to see if you would be better of refinancing to a lower rate or less time. Many people can refinance down to a 10- or 15-year mortgage and keep the same monthly payments but save money--cutting years off their loan period.
It’s also a great time to look into a HELOC, home equity line of credit. Home equity lines can help if you need cash. With the uncertainty in some jobs, kids staying home for virtual learning and all the ways our lives have changed this year, many people found that they needed availability of funds.
A home equity provides you an opportunity to access the equity in your home if needed, or just to have an available safety net. With the value of homes rising, many houses in the area have more equity available than they thought. Call your bank for more information.
Just wanted to pass along a little good news this month! If anyone has any questions on these thoughts or would like me to give them a home value assessment on their property, feel free to call or text me any time at 978-407-2568 or email packardrealtor@gmail.com. I am always happy to help.