I never imagined that one day I would be wearing a mask every time I left my house. Nor did I think greeting one another with a hug or handshake would be something a previous generation used to do.
Yet, this is precisely where we currently find ourselves.
When the real estate industry was considered an essential business and could still operate, it made sense. On the one hand, people are always in need of housing. Some people need to move because they took a new job. Others realized quickly that their current home no longer worked for them with their entire family within the same four walls 24/7.
See our article about Preparing your house to sell.
Another curveball appeared with the lowering of interest rates, which meant that people who couldn’t buy a house previously were now in a prime position to purchase.
So what does this mean for the average person?
Well, a few things actually:
- If you love your home and it’s still working for you, fantastic! Look into refinancing. One of my clients saved $500 a month when they refinanced.
- If you have realized that our world is operating today wholly different, and you can no longer use your home effectively, talk to your real estate advisor. Ask them what your house is worth, and if you have enough equity to purchase something that fits your “new normal.” Remember that even if your income is the same as when you bought your current house, you might qualify to purchase a more expensive home for the same amount monthly due to the lower interest rates.
- If you’ve been renting, talk to your real estate advisor immediately! You might be able to buy a home and build wealth for you and your family for less money than you currently pay in rent.
As always, if you do not have a real estate advisor that is talking to you about your options, I can help. If my family had that trusted advisor before I entered the real estate advising business, our net worth would be much higher than it currently is.
Lastly, remember it does not cost you anything to speak to me as a trusted advisor and devise a plan for you and your family’s future.