The coronavirus has reached a pandemic stage in the world. Data changes daily. Our “front line” workers in the medical field, essential retail, and first responders are to be commended. The rest of us need to adhere to government mandates, washing our hands frequently, social distancing – and being available to listen to those who need an ear to hear.
Let’s keep this in mind as we contemplate the Real Estate market:
1. Inventory is low. We all know that. Back in 2008 when the housing market crashed, we had a ton of inventory. When the market got back going, people had trouble selling their houses because of supply and demand. It’s different now. Good houses will be coming back on the market once we can all work together. We’re going to be just fine.
2. Low mortgage rates. We already know that they are going to continue to be low. That’s a great thing. We have greater equity in our houses than ever before. Homes have appreciated. In 2008/2009 we had negative equity. We don’t have that case now.
3. Stimulus package. Our government is implementing an unprecedented $2 trillion stimulus package that is going to help a lot of people. Never done before!
Finally, people always need a place to live. “Home ownership is the security people take pride in and work towards.” That’s very important to remember. Home ownership helps.
Keep the faith. We’ll get through this.
~ John E. Rummel, Broker/Owner