Is The Housing Market Crash in 2020? Should I buy House Now or Wait?
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Since the corona virus out-break, and the lock down, many people are left confused about the Real Estate Market.
How covid-19 is going to effect home sales?
Is it still a good time to buy or sell property?
Is the market is going to crash?
Well, here is my opinion on what you need to know:
#1 Homes are still flying off the market. There are HUNDREDS of new homes for sale and the mortgage applications are on the increase.
So, there are Buyers that are still actively looking for properties and this is mainly due to the historically low interest rates.
www.mba.org/2020-press-releases/april/mortgage-applications-increase-in-latest-mba-weekly-survey
#2 The demand for property is still high.
This is mainly because of low inventory - which suggests current market conditions still favor sellers (Check the Market Update report for New Hanover, Brunswick and Pender Counties)
#3 I am still open for business! I am still able to write and submit contracts. We can still close on properties. Mortgage companies are still working.
Attorneys are still active. The market is still good and things are still moving forwards. We can still do business and stay within the guide lines for social distancing.
We can conduct business online and remotely - all from the safety of your home, We can use zoom call, videos and Virtual tours, FaceTime, Skype etc to communicate and I can even provide a virtual showing of the house!
So, How to Buy and Sell Home during the Covid 19? Check My Video to found out!
Is the market is going to crash like it did in 2008?
Well, I really wouldn’t compare this years issue with 2008 - because, in my opinion, it’s a completely different crisis. 2008 was a financial issue, where as this year we are fighting against a virus.
This Covid-19 crisis is far scarier in health terms - Many people have still lost their jobs and will struggle to pay the rent or mortgage, but the financial industry is far better prepared to handle this today than they were in 2008.
So, the way I see it, the 2020 Real Estate market, won’t be the same like 2008.
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3 апр 2020
