While the stories on the news regarding the recent air strikes in the Ukraine may seem far away, the reality is that today, more and more events – even if they happen on the other side of the globe – can still have an impact right here in the United States.
One industry sector that is already feeling the ripple effect is housing. Another is the stock market. With the Dow Jones Industrial Average, as well as the NASDAQ and the S&P 500 all moving like roller coasters, there are some investors who are leery about accessing funds from their portfolios. Others, however, prefer to invest in more tangible assets like real estate, where the prices are at least somewhat more stable.
So, what should you do if you’d planned to purchase a new or existing home during the first half of 2022?
One option is to keep moving forward. There are a couple of viable arguments for doing so, too. For instance, mortgage rates are still at historical lows – and they even dipped slightly more, based on recent data from Freddie Mac.
Yet, with predictions of a spike in rates in the near future, you could end up locking into a low fixed rate now, in turn, significantly reducing the amount that you ultimately end up paying for the property.
With many home sellers in the U.S. still receiving multiple offers on properties that they have for sale, now could also be an ideal time to put your current home on the market and reap a nice reward.
If you still have questions and are unsure of which direction is right for you, talking with an experienced real estate professional can help. So, give us a call and we will walk you through the process, as well as give you an idea of what is currently available in your ideal location.
How Russia’s Invasion of Ukraine is Already Rippling Through the U.S. Housing Market. By Clare Trapasso. February 24, 2022. Realtor.com. https://www.realtor.com/news/trends/russias-invasion-of-ukraine-is-already-rippling-through-the-u-s-housing-market/