Mortgage Rates are low right now, which offers some opportunity to Buyers and owners who want to refinance. But it's not a sure thing with tighter restrictions on qualifying.
If you're considering entering the market to purchase, there is certainly some opportunity with the lower mortgage rates. There is still limited inventory in many markets, including the Richmond area - particularly under $350k and specific communities. Rates are good, but you may find yourself in a multiple-offer situation. Will more inventory come on the market in the next months? Projections are that it will. More Buyers will most likely enter the market as well, as job situations stabilize.
Real estate professionals are working hard to stay on top of the market. We are working while maintaining our social distance and employing other safety precautions for ourselves and our clients and customers. A REALTOR® can help you navigate these market challenges. Reach out with questions or to schedule a consultation!
:Mortgage Rates: Where are they going?
