Judy Sells The Shoals

  Buy now or wait! This is the question on all potential homebuyers’ minds this fall. Over the past few weeks, the mortgage interest rates have soared to a 14-year high. Excessive government spending combined with surging energy costs and rising inflation has caused many would-be homebuyers to lean toward the wait side of that argument. But is this really a bad time to purchase a new home? Maybe not. First, there is no way to predict the bottom of home prices for any recession. If the economy continues to struggle, it’s likely that home prices will continue to drop, offering better sales prices. But at the same time, inflation is still rising, and the Federal Reserve has clearly indicated they will raise interest rates as needed to cool this trend. This means that while home prices may come down some, the cost to borrow money will also rise; for homebuyers on the fence, they are hoping that the lower sales price will outpace the rising interest rates. The truth is there is no way t...

It's been difficult to adjust to a new normal during the past few weeks. With most residents being asked to stay at home, there are many who have recently lost their jobs or been asked to work remotely. The mortgage industry has also taken a big hit that has directly affected homeowners, renters, and investors alike. There are many who are in the final stages of closing on their homes, and the current pandemic has made it difficult to efficiently move forward with the process. To help, desktop and exterior- only appraisals are being accepted as long as there is sufficient property information available online. Potential borrowers can also now submit their verification of employment via email, paystub, or bank statement to help streamline the process. Significant changes have been made during the recent outbreak of COVID-19 to help homeowners get through this trying time. Those who have lost their jobs may be eligible for reduced or suspended mortgage payments for up to 12 mo...