Some pundits caution against trying to buy a home right now, but Jim Marchese isn’t one of them. In fact, Marchese highly recommends that buyers take advantage of the current state of the market and buy one or more houses now before the market changes and prices go up.
“The opportunity over the next three to five years will be unprecedented with incredibly low-interest rates and buying power at 30 to 40% more than any other time in history when considering home purchase price and monthly costs,” Mortgage NOW CEO Jim Marchese recently reported, while also noting that “we are seeing millions in applications for second homes.” While the latter issue is almost certainly related to the fact that many people are looking to flee large cities affected by the recent George Floyd protests and riots, it is the recent COVID-19 pandemic and shutdown that have created the ideal real estate market that many first-time homebuyers would do well to take full advantage of. MarketWatch provides information that backs up Jim Marchese’s assertions, noting that many Airbnb landlords’ urgent need for cash could lead them to sell their properties at a good price. Furthermore, landlords who are missing rent payments due to the economic lockdowns may need to sell homes sooner rather than later in order to pay their own mortgages.
Granted, there are a couple of factors that are making it hard for people to get a good deal when buying a home. Real estate investors who usually purchase homes at foreclosure auctions have few options to pick from due to foreclosure moratoriums. Furthermore, many sellers have temporarily pulled their homes from the market due to the lockdowns. However, as Jim Marchese accurately notes, the next three to five years will still present amazing opportunities for savvy home investors. Both the foreclosure moratoriums and lockdowns will lift and a large number of homes will become readily available, leading to the possibility of a buyer’s market in many areas. Furthermore, as Jim Marchese recently pointed out in Yahoo Business, low-interest rates make it easy to save money when buying a first or second home. Marchese also reports that people buying a second home can take advantage of low rates to refinance their homes.
Jim Marchese Highlights Economic Growth and Investment Prospects
While Jim Marchese is best known for his real estate expertise, he’s also a seasoned investor who has made some outstanding purchases during the COVID-19 pandemic. His investment in Spirit and Alaskan Air stock has been particularly successful, generating a 100% return for Jim Marchese’s mortgage bank. “The big airlines might be hit but the budget airlines are performing well because they are not bloated like the big players and they offer prices that most middle American families will use for travel once COVID ends,” Marchese notes. “Our mortgage bank is investing in both the stock and bond markets we are hiring and we’re very excited about the future of this country.” Jim Marchese has publicly announced that he believes the stock market will be at 30K by the end of the year and has praised the PPP plan that allowed business owners to not only avoid laying off employees during the economic shutdowns but even hire new people before state economies began reopening.
Jim’s bold assertions may surprise many people as most pundits are forecasting a limited economic recovery from the COVID-19 shutdown. Furthermore, rumors of a second wave of COVID-19 infections are making investors nervous about buying stock in certain industries. However, Jim Marchese isn’t basing his opinions on pundit predictions but rather his gut instincts, on the ground information and past investment experience. As he uses his business finances to invest in industries that he expects to do well, he has found that the economy could be in for a “V-shaped” recovery. The current unemployment rate of 13% may be quite high, but it’s far lower than the 20% unemployment rate forecast by many economists. What is more, a large number of workers are expected to get back to work in June, further lowering unemployment rates and increasing Americans’ purchasing power to boost economic growth throughout the United States.
Jim Marchese has nearly twenty years of experience with real estate, offering mortgages and other real estate-related services in four different states. As a seasoned investor and real estate expert, Jim Marchese stays abreast of the market and knows what to expect in the near and fairly distant future. His predictions, which often contrast with the pessimistic economic outlook being forecast by major news agencies, are sure to cheer those who look forward to a stable, growing economy with booming real estate and stock markets.