I wish I could predict how the CoronaVirus (COVID-19) will affect real estate here in Minnesota but I can't. What I do know is that areas that have been infected are really suffering. So what can we do here in Minnesota? It's not business as usual - we need to proceed with CAUTION.
SELLERS:
- Make sure your agent has a STELLAR marketing plan to reach people online.
- Limit your showings to serious buyers only.
- Clean and sanitize your home after every showing.
- Suspend showings of your home if people in your home are sick.
BUYERS:
- Don't go on showings if you are sick.
- Carefully select the homes you want to see and don't go on unnecessary showings.
- Wash your hand THOROUGHLY and often. Bring hand sanitizer on showings and do NOT touch your face.
- Opt for virtual tours instead of going in person.
How will the economy be affected if the US experiences a Corona Virus outbreak?
Potentially severely. Just look at what is happening with China.
There is a lot of talk of a recession if we have a COVID-19 Pandemic. But this is not a recession that will be CAUSED by housing like it was in 2008. The housing inventory has been very tight in recent years which has been creating high demand and high prices. Americans have also gained a lot of equity in there homes in recent years. Interest rates are low - so low that many people are refinancing right now. As long as those people aren't taking the equity out of their homes when they do it, this will help housing remain stable through a recession. Watch the recession video I did with Tim Erickson at LeaderOne Financial:
Again - I don't have a crystal ball but panic is the worst thing that can happen. Let's all proceed with caution. Be safe. Make good decisions about our health and finances.
Call me, your financial advisor and mortgage professional if you plan to shop for a home. Get your ducks in a row and make a game plan that could survive an economic disaster.
PLEASE WATCH THIS BLOG FOR UPDATES ON HOW CORONAVIRUS IS AFFECTING REAL ESTATE!
ARE YOU STRUGGLING TO PAY YOUR MORTGAGE?
Borrowers affected by the coronavirus who are having difficulty paying their mortgage should reach out to their mortgage servicers as soon as possible
If you are relocating, retiring, divorcing or have another life change that is requiring a move during this uncertain time, I am here to help. Reach out today.
