1. Health is our #1 concern.
We are looking at every single activity we do in our business and are operating on the principle that “People are more important than Sales”. We’ve operated this way for over 18 years, but that driver has more impact now than it ever has. You’ll see it in our Open Houses, our showings, and whenever you meet us face to face. We care about your health.
2. Is it a good time to buy a home?
The Fed just dropped the “Overnight lending Rate” to close to Zero % and is buying $70 Billion to $200 Billion in mortgage securities which further ensures that interest rates will stay this low and might even drop further. This will bring a brand-new load of buyers into the market because they will be saving a large amount of money in their monthly payments.
3. Is it a good time to sell a home?
When demand is high for homes, and there’s a limited supply of homes for sale, that is a recipe for multiple offer bidding wars. That is exactly what is happening in today’s market. The final sales price that sellers are realizing are strong and for at least the next 2-3 weeks, appears to remain that way
4. How long will this last?
Who knows? Depends a lot on how well everyone adopts to the “new reality” and conforms to our new societal rules. From what our governments just mandated (school and restaurant closures, limits in gathering sizes, etc) in the last week, it will definitely have an impact upon our economy. And the old adage: “as the economy goes, so goes housing” holds truer now than ever. Most economists are saying that we are now in the first days of a recession. But how bad it is will depend upon how long this “social distancing” lasts. If it ends in 2-4 weeks, the effect should be muted. If it last between 1 and 2 months, it will mean we will lose a lot more jobs and the economy will suffer more severely. If it goes on from 3 months to 6 months, most economists will agree that we will see a consequential downturn in our entire economy and housing prices will suffer.