Who hasn't heard about the debates from Tuesday night. I'm guessing the only people that haven't seen something about it must be living under a rock. My family sat and watched the whole debate. I am NOT going to get into the politics of that two hours of my life, but what I do want to reflect on is a Facebook post in one of my Realtor® groups the next morning. An agent was asking for recommendations for a response that she needed to write to a text message she had received from a client.
So here is a little back ground info...this agent had a buyer that had entered into a contract with a home seller to buy the seller's home. The buyer had watched the debate and decided they did not want to go forward with the contract due to watching the debate and being worried about the outcome of the elections. The agent was asking how to respond to this request because they were no longer in a period of the contract that would allow for cancellation of it and the buyer was adamant that they were not going forward with the purchase. So, here are my thoughts on this. The election does not have anything to do with you needing a roof over your head!!! It doesn't matter which party affiliation you have, it doesn't matter who is in the white house, it doesn't even matter if your party person wins the election...you still need a home! Home mortgage rates are at an all time low. As of today the interest rates are hovering just over the 2% mark. I can assure you that no matter who is elected on the first Tuesday of November will not have any bearing on that interest rate in the near future. Do you want to know why I am so sure of that? The president has no bearing on how much interest a mortgage company can charge in interest. I know that probably seems weird to some people out there that thinks the President of a nation is the supreme ruler and dictates every part of our lives, but I'm sorry to tell you every elected official can not just make up rules and changes laws to fit their needs and wants. Our industry is super strong right now and that isn't going away. Even for the people that have had to go into Forbearance due to Covid, please understand that the government backed programs have given you leeway in many ways and the likelihood of you losing your home is pretty low. HUD has sent out several addendums to lenders asking them to work with you and help you to stay in your home. For the homes that will eventually see foreclosure status the banks will not be selling them at the drastically low prices we saw back in 2008ish. So, let's sum this up in a really easy way...You are looking to buy a home, you have a pre-approval with an awesomely low interest rate, you plan to live in this home for a while and will probably welcome in a few different presidents to the White House in the time you live in that home - Don't let the media scare you into waiting for some eventuality that may never happen!!
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AuthorThree Spunky Eclectic Sassy Darling Realtors® that live in the Hollywood of the South and help people all over the east metro Atlanta area with all kinds of real estate needs. Lynn Pynckels, Dewayna Pullum, and Stepfanie Gray Archives
January 2020
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