COVID-19 and the Housing Market
Do you feel overwhelmed with all of the information that seems to be changing by the second about Covid-19? From social-distancing, schools closing, dine-in restaurants, bars, spas, ect closing, it is a lot to take in. The economy is going to be greatly affected by all of this, including the housing market but we will get through this. We are all in this together.
We thought we would give you a little snapshot of what we know at this point…
President Trump slashed rates to near 0% on Sunday. The rates that will be affected greatly are college loans, credit cards and revolving credit...NOT mortgage rates. Will we see mortgage rates lower? Some experts say yes and some say no BUT they are already at record lows.
If you are in the middle of closing on a home (buying or selling), don’t worry it will still close! @Home Realty/Foundation Title are still closing on homes as scheduled. If you aren’t feeling well, PLEASE let your agent know so they can make accommodations as needed.
There are homes for sale and new listings still hitting the market daily. If you are interested in looking at a home but would rather not go in person, let us know! Because your safety and health are our top priority, we are more than happy to do the walk through via video chat/FaceTime.
Looking to sell your home? Let’s talk and make a plan on action that is right for you. Whether you are comfortable listing now or later it doesn’t hurt to be prepared!
As most experts will agree, this will slow down the housing market for a couple months but not stall it. The low mortgage rates will help with the buying and selling of homes. By summer they say the market will be hot once again.
If you ever have any questions or concerns please feel free to reach out to us...we would love to talk to you! Stay safe & healthy!