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    April 2020 Market Update & Resources for Homeowners

    When Life Gives you Lemons, Make Lemonade 🍋 🍋 🍋

     

     

     

     

     

     

     

     

     

    However the coronavirus is affecting your daily life, we trust you’re finding ways to adjust and make the best of it. If you know anyone going through a challenging time, there are plenty of housing resources to help. Here are a few:

    Get Mortgage Payment Relief – As a result of the coronavirus, all HUD FHA single-family mortgages and reverse mortgages have a 60-day foreclosure and eviction moratorium. Additional info on this program can be found here. All homeowners can get additional help by visiting MakingHomeAffordable.gov.

    Contact your Utility Companies – If you’ve fallen behind on your gas and electric bills because of lost income from the coronavirus, reach out to your utility providers. Many are providing extensions and relief.

    • Lower your Monthly Mortgage Payment – Mortgage rates are still near historic lows, making it a great time to lower your monthly payments permanently. Contact me to find out how Keller Mortgage can help you refinance for no cost! (also available for new home purchases). 

    • Rent Assistance – Arizona has created a rental eviction prevention program for those struggling to pay rent. Find out more details.

    • Take Care of Yourself – It’s a stressful time, and it’s important to take care of yourself and others. For more serious conditions, there is free, professional help available. Find mental health resources.

    The housing market has been impacted by the recent situation as well. One of the leading indicators is showing activity, which is down 45% from this year’s peak in late February. The Phoenix market had 1.42 months of supply at the end of March, a very low level (4-5 months supply is balanced). What does this mean?

    If you know someone thinking of selling and moving, now is the best price. For buyers, this may mean a window of opportunity to purchase in what has been an extremely competitive market so far this year. Mortgage rates have drifted down for two weeks in a row, with the 30-yr fixed rate averaging 3.33%.

    Let’s get through this time together. I’m happy to be your trusted partner, through all the ups and downs.

    Wishing you all the best,
    Jeff     



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