For many months, the COVID-19 (Corona-virus) pandemic appeared to be a problem that only existed in foreign lands. Now, this virus has arrived on the shores of the United States and has disrupted jobs, hospitals, and lives. People are being asked to practice social distancing measures to curtail the spread of the virus while some parts of the country are being asked to stay home entirely. The good news is that there are still ways for people to remain social while being safe.
Recent advancements in technology continue to disrupt the real estate market. This includes the use of “Big Data” for data mining, artificial intelligence combined with machine learning, augmented and virtual reality, use of drones, blockchain technology, and the ongoing deployment of 5G.
Those who are involved in the real estate industry likely know that mortgage rates are at an all-time low. At the same time, nobody wants to pay more for a house than they have to. Some of the most important factors that dictate how much someone is going to pay for a house include points and interest rates.
Last week’s scheduled economic reporting included readings on home builder sentiment, housing starts and building permits issued. Weekly reports on mortgage rates and initial jobless claims were also released
According to data compiled by Realtor.com in the fourth quarter of 2019, it is still more affordable overall to rent versus buy a home — but just barely. The median monthly mortgage payment at the end of 2019 was $1,600, while the median monthly rent payment was $1,319. This is largely due to steadily-increasing rates, rising home prices, and near-record-low mortgage rates.
There are two times when it is best to buy a home. When you have to buy one and when you can afford to buy one. In general, owning a home is better than renting one because you are building up equity for yourself, instead of throwing your money away by helping the landlord buy the property with your rent money.
There are lots of people out there who are searching for options for mortgage relief. A quick search will reveal options for programs such as FMERR and HARP; however, many of the articles regarding these programs are a bit outdated. This makes them misleading. Sometimes, people might think they can apply for these programs when, in reality, they cannot. These programs have expired. Fortunately, there is another option for HIRO.
Some simple home improvements increase the attractiveness of a home and may help with a sale. If you are getting ready to sell your home or if you just want to beautify it a little, here are some low-cost tips for home improvements to consider.
Last week’s economic reports were limited due to closures connected with COVID-19 regulations. The Federal Reserve did not issue minutes for the most recent Federal Open Market Committee meeting as the meeting was canceled.
It can be a tremendous challenge to suddenly be stuck at home during the COVID-19 crisis. For those who are in an area of the country where there is a “shelter in place” order, this can feel very much like house arrest. If there are children stuck at home as well, this could be enough to make the entire family go stir crazy.
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