“What Does Recession Mean to Us?”
You have always been my go to guy when I have questions that have to do with real estate and mortgages. I keep hearing the word recession, what the hell does that mean when it comes to our plans for moving. As you know, this fall we plan on moving to NY, should we reconsider? Will interest rates be going up? What do you think will happen to the value of our current home?
Many are asking similar questions, so let me share some thoughts.
First, interest rates will remain low and most likely go lower. The 2020 election will have an effect on interest rates after that.
Second, in most of the states that I do mortgages the values have stayed steady. There are some pockets where values are still increasing and there are some pockets where values have peaked and there is downward pressure. Your Realtor or one referred to you is the best source of information, NOT an online site or your TV.
I have referred this client to a Realtor in his area of Connecticut and to the area they are planning on moving to. It is extremely important to make decisions based on good information.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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