Getting Clarity During COVID-19: This Too Shall Pass

Posted by Hilary Bates on Monday, March 30th, 2020 at 2:31pm.

The COVID-19 pandemic has many
on edge about the economy and the
real estate market. Here is a look at
what’s really going on, according to
Dr. Lawrence Yun, Chief Economist
at the National Association of
REALTORS®, and real estate industry
leader Brian Buffini.

The Economy Will
Bounce Back
Economies in China and South Korea
are already starting to recover as
coronavirus gets more controlled.
No Imminent
Housing Crash
Overbuilding has declined dramatically
since 2008 — in fact, builders have
been underproducing, and banks
have increased regulations to protect
borrowers from subprime mortgages.
If the “economic quarantine” is short,
real estate could bounce back in one to
two months.
Because market fundamentals are
strong, housing is safe in the long-term.Spring Selling
Season Pushed Back
Expect the market to jump again in
late summer and early fall.
Pent-up demand could lead to a hot
market later this year.Real Estate Still a
Strong Investment
During this pandemic, the home has
become a safe haven, making it a very
useful investment.
Buy Now if You Can,
Wait if You Can’t
Mortgage rates are at historic lows,
with Yun suggesting they could get as
low as three percent.
If you’re worried about your job, pause
the homebuying process. If you know
you’re secure, now could be a good
time to lock in a low-rate mortgage.
Now is the Time
to Serve
Serve others by practicing social
distancing to avoid the spread of illness.
Help your friends and neighbors in
ways that are responsible, safe and
sanitary, like dropping off groceries on
the doorstep of an elderly neighbor.
Connect with others in your
community on social media platforms
like Facebook and Nextdoor.                                                                                                                                                                                                                                     I’m here to help you in any way I can during these tough times.
If there is anything I can do to help you and your family, please
do not hesitate to reach out.

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