I can't tell you how many times in my over 20 years of real estate, I have heard a buyer tell me that they just want to wait for the market to slow down before they jump in. This crazy Covid pandemic is no different. Many thought that the market would slow to a snails pace and that we may even see prices drop, but that certainly was not the case! While the "experts" predicted a drop of 6%, we actually saw the highest price rise in a two month period since 1991.
Proof. Proof that if you wait, you will lose. Every. Time.
Let's not confuse strategy with emotions. If you want to invest, then invest when the time is right, but if you are simply renting or waiting to upgrade, then you must look at the facts.
1 - You can't make more land. Land is being developed at record rates...it won't get any cheaper folks.
2- People. More and more people are needing and wanting homes. Inventory remains low, especially near military installations.
3- Interest rates are at an ALL TIME low. As I write this, VA Loans are at 2.27%. Let me say that again.....2.27%.....free money friends!
I have seen several of my Veteran and Active Duty friends taking advantage of these low VA loan interest rates and either upgrading their current homes, buying investment properties, or simply refinancing to an amazing VA loan interest rate. What is important is that YOU figure out how you are going to take advantage of this current situation.
How you poise yourself with these current conditions will impact your future undoubtedly. I have seen many Active Duty wait to purchase because they are forced to make rash decisions and simply need a place to live and renting appears easier. Or they think they may not qualify for a home. We will cover VA Loan myths in a future blog, but know this....you can't afford to wait!
So what's next? Well that is easy....VHN is simply one phone call or email us and we can get you squared away. Let us do the hard work for you and get you going in the right direction!