POMONA, Calif. – Even though the economy has been hit by COVID-19, with heavy unemployment and ongoing business closures, that hasn’t stopped Jason and May Fuertes from shopping for their first home.
Since the Federal Reserve has been working to boost the economy, interest rates have been at an all-time low, and that has in turn boosted interest for the young couple who say they are ready to take a bold step forward.
“I feel that the rates are very low right now, which is very convenient for us at the moment. You know, we feel we are at a stage where we are very comfortable purchasing a house right now,” Jason Fuertes said.
At the moment, with such low inventory, it is currently a seller’s market, but the pandemic has inspired buyers like the Fuertes to invest in a home rather than spend money on rent.
May says a new beginning is just what the couple needs.
“With so many things going on right now, so much darkness, it’s nice to have something good to look forward to, some hope for our future,” she said.
But inventory may increase once Los Angeles County’s mortgage moratorium ends on July 31, and those who have lost their jobs decide they have no choice but to sell, shifting the landscape into a buyer’s market. All of these rapid changes have kept realtors like Ismael Chavez quite busy.
“Today’s market actually, now that we got over the first phase of the coronavirus, people started coming to the marketplace and shopping because of low interest rates, and because people started feeling more comfortable,” Chavez explained.
While buying a new home is an exciting step for Jason and May, they are conscious of the uncertainty of the market. Still, they believe the risk is worth it.
“I feel we got to look at it positive. Things could fluctuate and we are comfortable where we are at right now with it being a negative or a positive, and continuing to keep it positive going into the future,” said Jason.
Various studies indicate that price drops are not expected in Southern California due to cheap mortgage rates and the rising numbers of millennials entering the housing market -- a sign of hope for the young couple.