Real estate expert James Marchese offers timely real estate advice for buyers purchasing a second home
New York, New York - ( NewMediaWire ) - July 21, 2020 - The real estate market is heating up as state economies begin to reopen. First Team Real Estate notes that flipped homes are selling faster than they did in 2019. The Mortgage Bankers Association states that applications are up 13% annually while Realtor.com Chief Economist Danielle Hale points out that home prices are back to prev-COVID-19 levels and listings are spending less time on the market than before. However, as savvy mortgage expert Jim Marchese accurately points out, some spots are getting way more interest than others.
“We are seeing a flight from cities like New York and Philadelphia into what are traditionally the conservative areas of states such as Pennsylvania, New Jersey, and Maryland,” Jim Marchese says. Redfin backs up Marchese’s information, noting that page views for homes in small towns and rural areas went through the roof as COVID-19 and the accompanying economic lock-down spread throughout the United States. Given the fact that many people now have the freedom to work from home, it’s not surprising that they are moving to affordable, rural cities to enjoy freedoms not available to those living in large, metropolitan areas that are only gradually reopening. What’s more, the recent riots in large cities are providing added motivation to move to a quiet, safe place.
At the same time, as Jim Marchese notes, record-low interest rates are making it easier than ever to buy a home. “The opportunity over the next three to five years will be unprecedented,” Jim Marchese notes, “with incredibly low interest rates and buying power at 30 to 40% more than any other time in history when considering home purchase price and monthly costs.” It’s not surprising that home values are on the rise as savvy home buyers know that now is the best time to get a good deal on a house in a safe yet convenient location.
While the economy is certainly facing multiple challenges, the real estate market is set to heat up. As Jim Marchese and other experts point out, many people are buying housing in rural communities to benefit from conveniences such as large yards, lax lock down restrictions, fully funded police departments, and a safe atmosphere. Rural parts of Pennsylvania, New Jersey, and Maryland are getting a lot of attention from Jim as his mortgage firm Mortgage NOW Inc. offers loans in these states. However, these aren’t the only spots where one can find a good deal on a rural house. Furthermore, as Marchese points out, there is a three to five-year window for those shopping for their dream home to get an incredibly good deal. Now is the time to talk with a mortgage banker about obtaining a loan to purchase a home in a good area before prices rise again and home availability dwindles.