Should I Buy A House During This Corona Virus Pandemic

With mortgage rates so low many people are wondering if they should start their home search or continue in the market because of the Corona Virus health concerns. In this video I am going to share with you a few tips on how to start or continue your home search and practice "Social Isolation" while doing so. All buyers need to understand that the real estate market is ultra local and you should check with you local expert for updated information. CDC Corona Virus Prevention Guidelines Link: https://www.cdc.gov/coronavirus/2019-... ✔Free Home Buyers or Sellers Guide: http://freeebook1.toplirealtor.com/bu...

Transcript From Video:

should you be in the housing market during the current coronavirus pandemic

that's the topic of my next video should you be buying a house during the corona

virus pandemic that's the topic of today's video

can you save money is it safe we'll talk about those important points number one

Lawrence Young who is the National Association of Realtors chief economist

wrote an article on March 9th the corona virus is leading fewer home buyers

searching in the marketplace as well as listings being delayed so you have the

buyer pool and the seller pool both being affected by this

which is being affected more well with not 100% sure its market by market

understand that these things change everyday as the news media feeds us more

information things can get better things can get worse in the actual housing

market so what should you do well if you decide to stay in the market because he

also claims and we also know unless you're new to the housing market that

interest rates are at an all-time low I'm going to include a link to a video

that I have about what's going on with the interest rates right now some

mortgage bankers and economists believe that we haven't seen the bottom yet that

they're gonna get any lower so well that enticement of lower engine very low

interest rates keep you in this market you know versing the health concerns

that are out there that's your decision totally so if you decide to stay in the

market rather than waiting there are certain things that you need to consider

one if you decide you to stay in the CDC has guidelines there is a link in the

bottom of this or in the description that I'm going to give you follow those

follow those guidelines they're very similar to anything else you might do

and I'm gonna give you two important tips to help you with real estate

specifically one is do most your shopping online make your decisions

online look at the photos look at the videos if it's a upscale listing it

probably has some drone shots as well go on Google Earth check out the

neighborhood from goo or do a drive-by and then if you decided

something worth looking at ask your Realtor for a private showing of the

property any multiple any realtor who's a member of the Multiple Listing Service

should be able to get into that property if it's still available you want to

socially isolate as the CDC says keep yourself as far apart from other people

as possible number two if you show up to an open house and you notice it's

crowded the same thing I just mentioned a moment ago call up your broker as for

a private showing or call the broker that's at the open house and say listen

your open house ends at 2:30 can I come in 2:45 when nobody else is there and

get a private showing of the property they should have no problem with that I

know I would have no problem with that I would encourage it so those two

important tips plus the CDC guidelines are the things that you should follow

can you save money we don't really know it's a supply and demand thing and we

don't know which way that's gonna go I hope these tips were helpful please

definitely give me a thumbs up if you found them helpful subscribe and share

the channel with anybody else you think might find this information helpful this

is Mark Schreier from century 21 American Homes and thanks for watching

How Much House Can I Afford?

🏡How much house can I afford? Interest rates are at all time lows. Is this the perfect time to buy your first house or refinance your current mortgage?

Two of the most common questions realtors get asked all the time. 🤔Is now the right time to to buy? 🤔Is now the right time to refinance? In this video I will share with you information and tools to help guide you in the right direction.

Transcript:

interest rates at all-time lows can you actually afford that dream house that's

the topic of my next video how much house can you afford well that's a topic

of today's video if you haven't heard I don't know where you've been but if you

haven't heard the mortgage rates are the lowest they've been in a very very long

time some mortgage brokers or bankers are telling me it's the lowest it's been

in recorded history I'm not a historian so I don't know if that's factual but

I'm hearing the hype all I can tell they're very low your buying power your

house buying power has gone up significantly whether you're looking to

buy first-time home buyer you're looking to move up or even if you're looking

just to refinance it's a great time to revisit your

mortgage professional your realtor and find out what's going on with the

numbers I'm gonna share with you a tool that I found online so you can do a

little research on your own and it's a basic mortgage calculator that I just

went to Google I typed in how much house can I afford Mortgage affordability

calculator I'm going to include the link below so you don't have to shop around

for it and you just type in your numbers we're gonna I'm gonna go through how to

use it and I'm gonna share with you a little story of a buyer that I had two

years ago that purchased a house right here on Long Island they loan a man on

the house not the purchase price the loan amount on the house was four

hundred thousand dollars four hundred thousand

their interest rate was five percent that means that their monthly payment

for just the mortgage not counting insurance and everything else but just

the mortgage was two thousand one hundred and forty seven dollars at a

five percent interest rate for a thirty-year fixed interest rates now

we're going to do a reduction about two points because that's the proximate

reduction from two years ago that I believe they're at hovering somewhere in

the threes so for argument's they could to make it easier for the math we're

gonna go to a three percent drops down to 1686 dollars a month let's

do it again five percent to one four seven three percent this is a lot of fun

saving a lot of money in 1686 dollars so what does that mean it means you get

more money in your pocket you can buy more of a house now I'm not a math

person so I did the math on a calculator before that's a four hundred and sixty

one dollar gain per month with a two percent drop that's five thousand five

hundred and thirty-two dollars a year I'll say it again five thousand five

hundred and thirty-two dollars a year in your pocket for you to do whatever you

want with that's pretty powerful so it means that if you want to

refinance yes there are closing costs involved but you can determine how long

it will take to get the return on your investment for these particular people

the buyers I mentioned they just bought their house two years ago so if they

refinance they're in it for the long term they plan on staying there they're

definitely gonna get the return on their investment in the long run now another

tool that I want to share with you before I do that if you are on the fence

about buying a house you're a little nervous about it I'm gonna include a

link on the bottom for a free e-book on a home buyers guide everything you need

to know about buying your home whether it's your first time of a move-up home

free buyer's guide click the link below and you can take advantage of that free

offer the other item I'm gonna share with you is another calculator and I

love these calculators and they're free and they're online I'm gonna type in the

same situation when you want to refi or you want to buy a house you can sit down

with the mortgage person and they say to you do you want to buy a point well what

does that mean if you want to buy a point that means you pay more interest

upfront in that front of the loan like its front loaded one point is

approximately 0.25 percent or a quarter percent on the interest rate on a

30-year loan that could be a substantial amount of money but is it worth it first

if you have the money and it's personal choice should you do it well this

calculator will help you decide now this is put out

nerd wallet as you can see here mortgage calculators should I buy points we're

gonna use their scenario $400,000 thirty year term three and a quarter percent

interest rate is what we're gonna say the interest rate is now one point one

point is one percent of the loan so that would be four thousand dollars interest

rate with points goes from three and a quarter we're going to use a quarter

point drop three percent breakeven is six point one years or seventy three

months and four thousand dollars is the points your monthly mortgage payment

with points 1686 compared to one thousand seven hundred and forty-one so

this is a great calculator to decide or help you decide if you want to buy the

points I'm also going to include a link down below for this mortgage calculator

so now that you see how much house you can't afford it's only you that can make

that decision some people just have analysis paralysis where they just keep

you know going on and on and on and I can tell you I was one of them many

years ago I finally made the plunge and it was one of the best decisions I've

ever made was to buy a house and yes I could be a little biased but no back at

the time when I bought my house I was not a realtor some twenty something

years ago so I hope this video was helpful please give me a thumbs up if

you liked it and definitely click the subscribe button and share it with

somebody that might be looking to buy a house and don't know if the numbers work

for them this is Mark Schreier from century 21 American homes and thanks for

watching