How Does Brexit Affect Buyers?

Brexit has had a profound impact on our housing market. With lower rates, more and more people are deciding to make the leap and buy a home. Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE home price evaluation Earlier this summer, the U.K. voted to leave the E.U., which has become known as the “Brexit.” This decision created heaps of uncertainty for our neighbors across the Atlantic, but here in the U.S., Brexit has been nothing but good news for our real estate market. With so much uncertainty, foreign investors wanted a safer place to invest than in the U.K. One of these places was the U.S. housing market. This pushed our mortgage rates down even further to almost unseen lows. In fact, we are now in the middle of the second-longest run of cheap mortgage rates in history. What does this mean for you as a buyer? “ The low rates make for a lower payment. ” If you’re looking to buy a house, now is a great time to do so. The low rates mean you’ll pay less per month. On a 30-year $800,000 mortgage, the total cost is $97,000 less over the life of the loan than it was last year. With today’s rates, you could also afford a more luxurious home for the same monthly payment you could have had last year. Clearly, this is an awesome opportunity. If you are looking to buy or invest and are in need of some help, we can get you connected to some of the best lenders in the business. If you have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.