While I would never want to minimize the loss of human lives, please keep in mind that less than 4,000 people have died from coronavirus globally so far, compared to the nearly 80,000 people who have died from the seasonal flu this year. While the media continue to drive fear about Coronavirus, I believe this to be a buying opportunity that even a novice investor can identify. Buy stocks, and buy real estate. Don’t buy into fear.
I personally locked in a 3.0% interest rate yesterday on a 30 year fixed conventional jumbo mortgage. That. Is. Crazy. Low. I am seeing 15 year rates below 3%! While some may say we are in a seller’s market and home prices are high, understand that when you wait for home prices to drop, you lose out on the more important thing. A low interest rate over 30 years is a much bigger savings than a slight drop in prices. Rates are likely to go back up after the dust settles a bit, negating any savings by waiting to purchase.
It’s also a great time to refinance or lock in a lower rate on an investment property. If you need a recommendation for a great lender or two, shoot me a reply and I’ll send you a couple of my favorites including the one who locked me at 3% yesterday!