GREEN BAY, Wis. (WFRV) – The COVID-19 pandemic continues to have lasting effects across the world as the fight against the virus continues. You might be wondering – ‘How the real estate market is doing and is a good time to buy?’
Local 5 spoke to Mark Olejniczak, of Mark D. Olejniczak Realty, who says that this is a great time to buy if you’re a first-time buyer.
“This is a great time to buy a starter home, a home that is below the $100,000-$200,000 price range.”
If you are currently renting a property, this also might be the right time to buy, because interest rates are about 3.25% on a 30-year fixed mortgage. Not everyone is willing to jump on this offer, but many think that it is a great deal for many.
“It’s a great time to buy property if you’re able to,” said Beverly Griffin of Green Bay.
If you are currently a home owner, you might also see savings if you refinance. With the rates this low, you could see a savings of about $50-$100, depending your current financial situation.
Olejniczak says that he has never seen anything quite like this, “We are in a different era these days, and I don’t think rates have ever been this low.”
The market has not been so great for people who have been laid-off or lost their jobs due to coronavirus. Sadly, there have been situations where a potential buyer has had to drop out of the process because they lost their job. That can be devastating, but the nightmare can turn into your dream when you begin working again.
“Depending on your lender, you can start the process again, when you get another job,” said Olejniczak.
Always check with your financial advisor to make sure that you make the best decision for yourself.