The housing market has shifted significantly due to COVID-19. CASE Credit Union wants to help members and nonmembers alike find the home of their dreams or save money on the home they already have during this trying time.
According to Bill McLeod, Mortgage Loan Manager at CASE Credit Union, the housing market is extremely hot right now due to multiple offers on homes for sale and fierce competition within the market. There are currently less than 700 homes on the market in Michigan, which equates to about a month and a half’s worth.
McLeod suggests looking for local lenders such as CASE Credit Union because real estate agents look for local lender preapprovals. CASE preapproves all applicants in an expedited way so closings on homes happen much faster than normal.
He also said interviewing real estate agents is the most important step when looking to purchase or sell a house.
“The initial steps for purchase would be to contact a local lender, like CASE, and be preapproved so you are ready to make an offer and interview some Realtors to ensure you are comfortable with that person,” he said.“If you are looking to sell, you will, again, want to interview Realtors to find someone you are comfortable with and you feel will get you the most for your home.”
Brock Fletcher, broker and owner of the SELLING Team at Keller Williams Realty, said those looking to buy or sell should not hesitate due to the strong housing market.
“We are in the middle of the strongest seller’s market of all time,” Fletcher said. “The statistics prove it. Interest rates are the lowest of all time. The low interest rates have caused home affordability to reach an all-time high. There has never been a time in American real estate history where both sellers and buyers are in such a positive financial position.”
Lenders at CASE are also seeing a rise in refinancing due to very low interest rates and increasing property values. Members have saved tens of thousands of dollars to use toward additions, home improvements or other methods to keep their homes looking nice and ready for the future.
To learn more about mortgages and other housing resources CASE offers, visit casecu.org/Mortgages.