What’s Going On With Real Estate?
Will COVID have the same impact on the housing market as the Crash of 2008?
I have been asked this question A LOT the last couple of months and there is a very good reason why the COVID impact will be very different from that of the Financial Crisis of 2008: Supply and Demand.
We have a unique situation of continued low inventory coupled with a large pool of buyers who are entering home buying age. This was not the housing landscape in 2008. My friend Jay Voorhees does a good job of analyzing these differences in his blog.
While we experienced a slow March and April in Real Estate, the month of May has seen an increase in homebuying activity. Sellers who were reticent about putting their homes on the market for fear of low interest, have now started to fully market their properties. Their response is in-step with the return of buyer activity. In fact, some lenders have seen a deluge of buyer pre-approvals over the last couple of weeks!
Interest Rates this Week
Interest rates are still low. 3.25% on a 30 Year Conventional Loan with 20% down.
What’s on the market?
As always, let me know if I can be of service.
I hope you and your family continue to stay well and safe,