Your REALTOR®:
Kevin Kleifges
September 2020
Real
Helping people find their Dream Homes


Is Now A Good Time To Buy Your First House?
The coronavirus pandemic has put many things on hold, but real estate continues to chug along. Sales and listings persist across the country, with some markets harder hit than others. And home prices are rising, throwing a wrench in the plans of those who thought they might be able to swoop in for a steal. 
      “Any thoughts of bargain-hunting in the aftermath of the coronavirus shutdown have proven to be a losing strategy,” said Forbes. “While it seemed likely that house prices would decline due to lack of sales activity, the opposite has occurred. According to recent statistics issued by Realtor.com, median listing prices are 5.6% higher than one year ago, and more than a
Mortgage Rates
U.S. averages as of September 2020:


30 yr. fixed: 2.91%
15 yr. fixed: 2.46%
5/1 yr. adj: 2.91%






than a full percentage point above the levels just before the COVID pandemic shut down the economy.”
      But, interest rates are at historic lows, which stretches
Wondering What Your Home Is Worth?

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Can You Use Unemployment Income to Help Qualify?
     As the economy is still being impacted by the Coronavirus, unfortunately many across the country are unemployed. Whether it’s a temporary furlough or a particular company has closed down until further notice, more and more people are finding themselves in the unemployment line. Recent data from May shows some improvement from the previous month, but still the most recent number shows the unemployment rate fell to 13.3 percent and added 2.5 million non-farm payroll jobs. That’s quite a rebound, in fact it’s the strongest one month job growth on record, but that’s an indication of how many were laid off in the first place.
      Fortunately, most unemployed are covered by unemployment insurance. While the unemployment insurance is certainly a welcome



Décor Tips To Help You Through Stressful Times
     You’ve cleaned and disinfected your home and have taken a few trips to the dump with the fruits of your decluttering frenzy. Yet your home feels more cramped and tired than when you started the quarantine. You feel frustrated and stressed.
      With cooler weather and more indoor time around the corner, now’s the perfect time to plan your attack. There are lots of smaller things you can do to make a big difference. And it doesn’t have to cost a lot.
      At the end of the day, it’s all about function, says interior stylist Red Barrinuevo of Redesign4more in Toronto.
      How has the way you use your home changed during these challenging times? What purpose or purposes do you need each room to serve? Reassess each space to see what works and what needs to be improved. Determining the function is the jumping off point, he says.
      What furniture do

Buying a Home Right Now: Easy? No. Smart? Yes.

Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed:

“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”

Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country?

Here are three reasons for this uptick in activity:

1. Some people need to move. Whether because of a death in the family, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible.

2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually:

  • View homes
  • Meet with mortgage professionals
  • Consult with their agent throughout the process

All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.

3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments.

Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.

Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last year and purchasing one now   

Rates today on average are 3.33% versus 3.94% one year ago.  On a 200K loan, you will save $25,000 over the life of the loan! 50K on a 400K loan not to mention the lower monthly payments!

Bottom Line

Many families have decided not to postpone their plans to purchase a home, even in these difficult times.

If you need to make a move, reach out to me today at 703-346-3783. I am a trusted and experienced real estate advisor that will safely and professionally guide you through the process

 



  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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Kevin Kleifges, REALTOR
E-mail: kkleifges@gmail.com
Website: http://www.KevinsProperties.com
703-346-3783
Coldwell Banker
703-346-3783
1900 Baton Drive
Vienna VA 22182


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