What is coronavirus? How will coronavirus affect Real Estate? In this video, I discuss the coronavirus effect on real estate and how to prepare.
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What is the coronavirus?
Coronaviruses are a large family of viruses that are common in people and many different species of animals, including camels, cattle, cats, and bats. Coronavirus disease 2019 (abbreviated “COVID-19”) is a respiratory disease that was first detected in China and has now spread to over 70 locations including the United States of America.
How will coronavirus affect real estate?
At this point it’s really hard to tell since this is fairly new to us. With that being said, our real estate market has been experiencing low inventory, high buyer demand and super low interest rates over the last few months which is created a frenzy in our real estate market. So far, I don’t see that changing in our market which means I expect our real estate market to continue as normal.
At the same time, the federal reserve lowered the fed funds rate .50 basis points yesterday which will likely translate to lower interest rates continuing to help drive buyer demand for property allowing for more purchasing power.
The area of real estate that could get hit is new construction because about 30-40% of builders supplies are coming from China. China is currently experiencing problems with manufacturing and because of that it could slow new home construction putting even more of a strain on housing supply.
Are you thinking of buying or selling and wondering how the coronavirus may affect you? Please comment below or contact me directly.
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