How is the corona virus impacting real estate? How is the current real estate market? In this real estate market update, I discuss how the corona virus has impacted our local real estate market so far and my thoughts on how to proceed as a buyer or selling in this crazy market.
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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?
This is a really hard question to answer at this time because we are in the very early stages of the disease spreading so it’s hard to say what the long term play is going to be with regards to real estate.
With that said, our local real estate market hasn’t slowed down as of yet. We are still seeing multiple offers on properties in certain price points and there are tons of buyers still out looking for the perfect home.
At the same time, everything around us is being shut down from major sporting events to kids sports and we’re being told to practice social distancing. In addition to that, there are stories coming in from real estate agents around the country where buyers are getting cold feet once they are in escrow and wanting to back out because of the unknown of what the future holds.
I come from an abundance mindset and not one of scarcity so I think of this as an opportunity to get into the housing market while interest rates are low and some buyers sit on the sidelines thinking the world is going to end.
Will the corona virus affect the economy?
This is really the question that most people should be considering in my mind because what is happening now will have a trailing effect for months to come. There will be a lot of money lost in a lot of industries due to the travel restrictions and large gatherings being cancelled globally.
The Federal Reserve will likely lower interest rates to 0% to help stimulate the economy. Because of this, interest rates will likely head lower creating more of an opportunity for those that want to purchase real estate and/or refinance into a lower interest rate.
Are you thinking of buying or selling and wondering how the coronavirus may affect you? Have you already been affected by the corona virus? I’d love to hear your thoughts. Please comment below or contact me directly.
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