Home prices are generally affected by the same things like unemployment, interest rates, and supply and demand. What impact will the coronavirus have on these things? Schools are closed, people are staying home, and an economic event is happening right now. While we work to contain the virus, what effect will that have on real estate prices?
Here’s an outline of my discussion, with timestamps so that you can skip ahead to the sections that interest you most:
2:00- Why it’s hard to compare the coronavirus to other major events
2:40- Where are local home prices headed and why?
3:30- Why home prices tend to stall out in certain markets
4:15- Is buyer motivation still out there?
5:00- Why I believe demand will increase from here
6:15- Wrapping things up
If you have any questions relating to mortgage rates, real estate, or the economy, don’t hesitate to reach out via phone or email. I would love to hear from you.