Tomorrow, the unemployment rate for April 2020 will be released by the U.S. Bureau of Labor Statistics. It will hit a peak this country has never seen before, with data representing real families and lives affected by this economic slowdown. The numbers will alarm us. There will be headlines and doomsday scenarios in the media. There is hope, though, that as businesses reopen, most people will become employed again soon. Last month’s report indicated we initially lost over 700,000 jobs in this country, and the unemployment rate quickly rose to 4.4%. With the release of the new data, that number will climb even higher. Experts forecast this report will show somewhere between a 15% – 20% national unemployment rate, and some anticipate that number to be even greater (see graph below):
What’s happened over the last several weeks?
Here’s a breakdown of this spring’s weekly unemployment filings:The good news shown here indicates the number of additional unemployment claims has decreased week over week since the beginning of April. Carlos Rodriguez, CEO of Automatic Data Processing (ADP) says based on what he’s seeing:“It’s possible that companies are already anticipating some kind of normalization, opening in certain states and starting to post jobs.”He goes on to say that this doesn’t mean all companies are hiring, but it could mean they are at the point where they’re not cutting jobs anymore. Let’s hope this trend continues.
What will the future bring?
Most experts predict that while unemployment is high right now, it won’t be that way for long. The length of unemployment during this crisis is projected to be significantly shorter than the duration seen in the Great Recession and the Great Depression.While forecasts may be high, the numbers are trending down and the length of time isn’t expected to last forever.Bottom Line
Don’t let the headlines rattle you. There’s hope coming as we start to safely reopen businesses throughout the country. Unemployment affects our families, our businesses, and our country. Our job is to rally around those impacted and do our part to support them through this time.Buying your first home is equivalent to embarking on a grand adventure. Although extremely thrilling, learning the ins and outs of the process can often seem overwhelming. From determining a budget to obtaining a loan, there are numerous factors to take into consideration along the way. Keep these five tips in mind throughout the journey.
Check your credit score
Your credit score impacts various aspects of your life, especially when it comes to buying a house. It’s a determining factor in being approved for a loan with a low interest rate. Credit Karma offers free credit reports with monitoring, which can help you catch what may be negatively affecting your score. Mortgage brokers, credit card companies, and banks can also sometimes explain your score in greater detail. Check with them to see if they offer this service.
Your credit score impacts various aspects of your life, especially when it comes to buying a house. It’s a determining factor in being approved for a loan with a low interest rate. Credit Karma offers free credit reports with monitoring, which can help you catch what may be negatively affecting your score. Mortgage brokers, credit card companies, and banks can also sometimes explain your score in greater detail. Check with them to see if they offer this service.
Be realistic about what you can afford
When setting a budget, it’s important to be realistic. To keep your head out of the clouds, consider making a master list of the necessities (such as the number of bedrooms and square footage) and a separate list of the extras (such as hardwood floors and a modern kitchen) that you’re willing to compromise on. Many first-time buyers update their house piece by piece, creating the ultimate dream home!
When setting a budget, it’s important to be realistic. To keep your head out of the clouds, consider making a master list of the necessities (such as the number of bedrooms and square footage) and a separate list of the extras (such as hardwood floors and a modern kitchen) that you’re willing to compromise on. Many first-time buyers update their house piece by piece, creating the ultimate dream home!
Gather all necessary documents
To get prequalified for a loan, lenders typically require various documents. It’s advantageous to collect pay stubs, bank statements, and W-2s from the past two years. Ensuring your paperwork is organized will eliminate having to scramble every time a lender requests additional information.
To get prequalified for a loan, lenders typically require various documents. It’s advantageous to collect pay stubs, bank statements, and W-2s from the past two years. Ensuring your paperwork is organized will eliminate having to scramble every time a lender requests additional information.
Get preapproved for your loan
Once your credit score is deemed acceptable and the required documents are submitted, you’ll be able to begin the preapproval stage. Being preapproved allows you to submit an offer with confidence, and puts you on equal footing with competing bids.
Once your credit score is deemed acceptable and the required documents are submitted, you’ll be able to begin the preapproval stage. Being preapproved allows you to submit an offer with confidence, and puts you on equal footing with competing bids.
Find a supportive real estate agent
Whether it’s by word-of-mouth or through research, connect with a real estate agent who fully understands your search criteria. A good real estate agent will assist first-time home buyers throughout the entire process. You’ll be surprised how much easier it is with a real estate agent who is on the same page as you.
Whether it’s by word-of-mouth or through research, connect with a real estate agent who fully understands your search criteria. A good real estate agent will assist first-time home buyers throughout the entire process. You’ll be surprised how much easier it is with a real estate agent who is on the same page as you.
As with every adventure, the destination is the most rewarding part. Take the time to enjoy it—you only get to be a first-time home buyer once.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
- TOPIC: Home Buying
- LOCATION:
- California Ventura County
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