A recent article in City Business discussed how that fluctuating markets have led to uncertainty in buyers on whether to make a big ticket purchase on something like a home at this time. The article sought out the financial advisement of local expert Mark Rose as well as our own Craig Mirambell and learned that despite the unpredictability of the current market, it is actually a great time to buy a home.
Mark Rose explains in the article that the average mortgage interest rate is down a full percentage point from this time last year and that one point makes a huge difference. That percentage drop, Mark explains, means that if a person were to buy a $200,000.000 home they would be saving $2,000 per year in interest on that home. He also explains that for those who are already home owners and not looking to move it is a great time to refinance.
In the article Craig explained that while it is fiscally a great time to buy the current state of affairs in the nation have marked a noticeable slowdown in buyers in the market as everyone is just waiting a week or two to see what is happening. However, he hasn't seen anyone state that current events have made them outright not interested in purchasing a home in they were already in the market to do so. Craig also state that he is seeing most of Mirambell Realty clients getting rates around 3% on 30-year mortgages and about 2.5% on 15-year mortgages.
You can see more of this article featuring Craig Mirambell at New Orleans City Business.
And if you are in the market for a new home but not ready to physically leave the house we have immersive 3D tours on many of our current listings. You can view them here. You can walk through the home and then reach out to any of our agents to help you through the home buying process.
*New Orleans City Business Article 3/17/20