Mortgage rates have been dropping since the beginning of December 2019. In fact the Federal Reserve has dropped the rate 3 times this year. Forecasters are now predicting an average Mortgage Interest Rate of 3.7% for the Year 2020. That 3.7% Interest Rate would translate into a monthly savings of approximately $140.00 on a 30-year fixed $300,000.00 mortgage
Further, according to Zillow, Fairfield County home prices rose 0.5% last year and they are only predicted to rise 0.4% in 2020. Unfortunately for people selling their homes it is still a Buyer’s market. But for the first time in awhile a buyer’s advantage is even greater due to the many “First Time Buyer Programs” offered in Fairfield County.
But all is not lost for Sellers because if you are thinking of moving the time to do it is NOW. Think about it. The market upturn or downturn does not matter as-long-as you are both buying and selling. Because if sale prices are down, you will lose on the sale of your home, but you will pay less for the PURCHASE of your new home. WHAT ALWAYS MATTERS in determining an advantage to buy and sell is the “Mortgage Interest Rate” and as previously stated the Interest Rates are at an all time low!!!!
So go out and buy your new home and call the Romanello Law Firm to handle all aspects of your closing. The Romanello Law Firm has been practicing Real Estate closings in Greater Danbury for more than 19 years and has a staff to handle all types of closings.