You Need to DO SOMETHING in Real Estate!
Sorry for the provocative title, but I did want to get your attention. In the 42 years I’ve been in the real estate industry, I’ve never seen a period with more opportunities, short and long term, for both buyers and sellers, as we have now. As the result of the lowest interest rates ever, and the added complication of reduced inventory due mainly to the pandemic, we are seeing real estate options we’ve never seen before.
Let’s review some of these:
1. If you are a homeowner:
- If the interest rate on your home loan is much over 3.0%, you need to consider refinancing. We have closed 30 year fixed rate loans at under 2.5%, 15 year at under 2.0%
- If you have been given consideration to making a move, now is the best time I have ever seen. Inventory (your competition) is low, which leads to higher prices, faster sales, and buyer flexibility on such critical areas as timing on your move (possible rentbacks, for example)
- Our excellent appreciation in values has meant many of you have substantial equity in your homes. Historically, the best longterm investment is real estate. This would be an excellent time to take some of that equity and use it to purchase an income property.
- You could also use some of that equity to assist your children or other family members with purchasing their first home. We just represented a client who took advantage of the FHA loan program to help their son buy his first home. The loan was at 2.35% 30 years fixed rate and only required 3.5% down payment. There were no closing costs. And, not only was all the down payment a gift from the parents, but the parents were also able to co-qualify with their son.
What an incredible way to assist him on his own real estate journey!
2. If you are a potential buyer:
- Refer to the last bullet point above. You can literally buy a home with none of your own funds and have assistance in qualifying. Bottom line in the case above: that young man gets to own his home and have a house payment lower than rent.
- If you are considering either moving up or down, your flexibility in your sale will make it that much easier to find your next home.
- If you are looking for a possible investment, thanks to incredibly low interest rates, rental property is becoming a great option. Low mortgage payments and high rents are combining to make investment in real estate a great opportunity.
So, as I stated above, you need to DO SOMETHING in real estate. We are here to assist you in making the best decisions for you and your family.
I believe so strongly that this is a great time to consider a real estate activity that I will be attempting to contact you directly to discuss your opportunities. (Please update me on your contact information)
As always, you don’t have to wait for me to call you. You can reach me at 949-500-6365, email Frank@FrankDiLauro.com, or through our website www.FrankDiLauro.com