What The Coronavirus Means For The Housing Market
Right now, it seems, there’s so much to freak out about. We’re in the middle of a pandemic, and expectations are that a serious recession will soon follow. Recessions are generally bad news for the real estate market, at least if you’re selling. Here’s what to expect whether you’re buying or selling.
Selling
If you are trying to sell a home, things aren’t looking so good. We’ve been in a sellers’ market for a while now, and we’re about to see a major slowdown. The National Association of Realtors estimates a 10% drop in home prices. The longer the virus lives with us, the further the market will fall.
Buying
The last housing market drop started in 2008 and lasted about three years. It was especially painful because banks became very tight fisted. Fortunately, this will be a different kind of recession. If you still have a job when everything is over, and your credit rating is decent, you should qualify for a loan. Best news yet, you might be able to afford more in a month or two than you could before the pandemic.
The Process
As you may know, buying a house means a lot of signatures, and social distancing around a closing table is pretty much impossible. Fortunately, technology might help. We we are seeing more lenders and title companies use computerized e-signatures. In many cases, the law needs to catch up, but it probably will.
Moving
As always, Ninja Movers will be here for you. Moving companies are still considered essential under the law. We are taking all precautions to keep our customers and our employees healthy and safe. If things change, we will keep you informed. This is a great time to move. We can accommodate pretty much all time restrictions, and if you are flexible, you might qualify for a discount.