Here we go. I said I would not buy into all the Coronavirus hype. We know shelves are running dry with sold out hand sanitizer and soap. Schools closing and mass panic setting in. But, what does this mean in Real Estate? The best Real Estate Agents in Atlanta know.
Coronavirus and Interest Rates
So what does all this mean for home buyers and sellers? The 30 Year fixed rate dropped to 3.29%. This is an all time low since 2012. You can see if referenced here at Forbes.com. This also means the 15 year rate fell to 2.79%. This is basically like free money.
Now lets say you are looking to sell. This means potential buyers will be able to afford much more home with the lower interest rate. Think of it like your buyers growing in numbers. The other secret here is that Lenders are also relaxing their Loan requirements. Sounds good right? But we don’t think this will last forever. It gives the Real Estate Market in Atlanta GA a much needed boost.
Smart Realtors in Atlanta GA will be pushing buyers to buy more house and go for a higher price range. This will give you more selling options.
Now on the other side of this, you will need to buy a home to live in as well? So the same will apply to you. More house for your dollar. Or perhaps you might need to Refinance or get a HELOC. Both are great options with these low rates. These Mortgage Rates typically follow the 10-Year Treasury Bond. This dropped below 1% for the first time ever when the Federal Reserve announced it was cutting this bench,ark rate in relation to the illness outbreak. Time will tell the true impact it will have on the world and the economy, particularly Real Estate.
We are also at a point of low inventory of available houses on the MLS. As demand rises from more qualified buyers, we can expect some bidding wars. Even though New Construction homes are up. This still leaves a gap for more reasonable prices homes. There are still plenty of buyer looking for 1970’s style Ranch homes. If this applies to you, now might be the time to sell. Call us anytime with questions. We are always glad to help. We always keep up with Real Estate Market trends as any expert Real Estate Agent in Atlanta should. Atlanta has always been a unique market and will continue to do so.