To find out if now is the time to buy, check out this week’s mortgage highlights:
- As expected, economic reports and data began to show the true extent of the economic damage from the pandemic. While mortgage rates remain mostly stable and stocks moved upward, there is no question that we’re in the middle of economic carnage, unlike most of us have ever experienced.
- Retail Sales plunged 8.7%, the largest monthly drop on record. Industrial Production slid 5.4%, the largest one-month decline since 1946, as World War II had come to an end.
- Weekly jobless claims revealed another 5.245 million jobs erased. 22 million jobs have been lost in the last four weeks.
- However, amidst all the devastating news, the Federal Reserve has kept financial markets functioning. Flawed as the programs may be, Congress has passed legislation offering lifelines in this time of need.
- And most importantly, it seems that we’ve retained hope that the nation can overcome this challenge. If the coming weeks show that we can begin to restart the lost elements of commerce, we could see mortgage rates staying fairly stable and the market functioning according to its design.
- Is now the time to buy for you? Purchasing a home is about finding the perfect time in your life. Click here to start your home search or take a virtual tour of Southern California Open Houses on our Facebook group.
Perhaps, I’ll Still Buy That Home
While many people can’t imagine buying a home without physically walking into the house, the pandemic is making many rethink that. According to a recent NAR survey, 25% of Realtors reported that their clients put contracts on homes without ever stepping foot onto the property. Buyers are becoming more comfortable with virtual tours, chat tours, and 3-D models. Interestingly, buyers appear to be looking at only a few homes before placing an offer on a property.