The average 30-year fixed-rate mortgage fell to a record low of 2.98% last week, the lowest ever recorded by Freddie Mac in the nearly 50 years of the mortgage giant’s survey. Concerns about the economy have been pushing rates lower and lower over the past 6 weeks, dropping to new record levels after a resurgence in coronavirus cases. The opportunity created by lower mortgage rates is driving up home buying, and helping the housing market make an impressive rebound.
Real estate remains an essential business, and buyers and sellers are continuing to close transactions according to new safety standards and precautions in place including consent forms, posted regulations, and more. For more details on what to expect from a home sale or purchase today, check out our post on how to host safe home showings.
What this means for prospective sellers
Now is the ideal time to sell your home in order to capture top dollar for your property. A combination of low inventory and the increase in homebuyers thanks to these historically low rates have helped drive up home prices. Current homeowners have a uniquely advantageous opportunity right now to cash out big on their home sale in order to finally afford their dream home with a low mortgage rate.
The strategy and process of selling a home have changed amid coronavirus, but with the right real estate agent and plan, closing a home sale can be done swiftly and safely. Curious about what your home is worth in today’s market? Click here to get a free home value estimate and review buyers currently searching for a home like yours. And if you’re ready to find an agent, review these 15 critical questions to ensure you’ve found a qualified professional.
What it means for homebuyers
Competition in the real estate market is fierce. Homes at every price range are receiving multiple offers, like this Yorba Linda vineyard estate that just sold for $8.75 million in just 4 months. If you are going to be taking advantage of today’s historically low rates, you need to get pre-approved ASAP and be prepared for bidding wars in Southern California.
The best way to tackle today’s real estate market successfully is with an experienced First Team agent to help you make quick decisions in the ever-changing real state landscape created by the pandemic.