April 23, 2020

Though we're spread apart, we're all pulling together

The struggle to contain the spread of the novel coronavirus (Covid-19) has involved many moments of sadness, fear and frustration.

Financial worry is in no short supply, as many people wonder when the economy will get back to normal.

The news media and health experts try not to be too optimistic. They brace us for the worst – because they just don’t know what is coming yet.

But beneath all the dour uncertainty, something friendly and familiar simmers. Something that speaks to the very essence of home-buying.

Community. Home ownership cultivates it. Homeowners are more likely to support local businesses and get involved in local events and causes.

Maybe you can be a part of this today. Your local Bay Equity Loan Officer is well-positioned to determine the best home loan product for your situation. Whether it's your first home or your tenth, a refinance or an investment property, Bay Equity can help.

Our unique family culture and commitment to transparency will have you feeling at home from application to close.

Look around. Doesn’t it seem like more people than ever are taking walks and bike rides? You see more people talking to each other from their front yards – albeit while keeping respectful social distance. Videos of neighborhood singalongs and serenades have gone viral.

One day, all of this is going to be over and everything is going to get back to normal. The pillars of economy will still be there. Home ownership will be standing strong.

The benefits of home ownership today are control and certainty. You get a stable monthly housing payment and rock-bottom interest rates - plus the comfort of knowing the place is yours as long as you make that payment.

In these uncertain times, it’s comforting to know that home ownership is still the most common path to long-term wealth, stability, and yes, community.

Covid-19 could put a damper on demand, and possibly even slow price gains. But analysts believe any effect on the home market will be short-lived.

Unlike many other purchases, housing is a basic need. People don’t buy houses purely as an investment. Prices tend to stay steady.

In fact, after miserable March sales, pending home sales — a measure of signed contracts, not closings —turned positive in the week ending April 15. Pending sales were up 6.2% week over week!

Please stay well. Follow all recommendation regarding social distancing. Wash hands often, avoid crowds and avoid touching your face.

When you’re ready, Bay Equity will be ready to serve you.

We’re here to get you home.