With everything that is happening around the Coronavirus and the impact that it is having on the markets and our everyday lives, it can be overwhelming, to say the least. As a real estate professional, I want to know how the Coronavirus will impact the real estate industry. Although no one can say for sure, I came across this article in Forbes that I thought did a great job of identifying what is happening and the potential impact it will have on the market.
I believe knowledge is key before making any decisions. Especially when it comes to buying and/or selling a home. If you have any questions or would like to talk through your options in the current climate, please do not hesitate to contact me. Enjoy the article.
Source: Forbes | Repost Houterloot 3/12/2020 –
In just a few short weeks, the coronavirus outbreak has impacted many aspects of everyday life. Events and conventions have been canceled and postponed. Public fear of the unknown, along with an abundance of misinformation, has made supplies of personal and healthcare items unavailable, including hand sanitizer and face masks.
It has also forced the Fed to cut rates this week and mortgage rates to hit all-time lows, leaving many home buyers with questions. Should they take advantage of current conditions or wait it out to see what happens next?
Low Mortgage Rates Incentivize Buyers
On Thursday, March 3, mortgage rates tumbled to an all-time low. Decreased mortgage rates historically boost home sales. However, between market instability, travel restrictions and a general feeling of public hysteria, it’s impossible to predict if low mortgage rates are enough incentive for buyers to make an offer.
No one knows with complete certainty how coronavirus will impact the real estate market long-term. There are also several other factors to consider.
Posted on March 12, 2020 at 12:51 pm by Tim Houterloot