Hello friends,
While it might be surprising
to many, banks are being inundated with applications for new mortgages.
This is largely due to the fact that real estate markets, with the notable
exception of the 2008 recession, are generally minimally effected by recessions
or extraordinary events such as COVID19. Real estate prices move one way
or the other based on the interplay between supply and demand. And right
now, even though March 2020 closings are about 25% below March 2019 closings,
prices are still remaining stable and in certain areas actually
increasing! How can this be? Well, as it turns out many sellers and
would be sellers are keeping their homes off the market because they’re
concluding that this is not a good time to sell. The net result of this
hesitance to sell now is causing a noticeable decrease in the amount of
available housing inventories, and that places upward pressure on prices.
So if you’ve been considering
making a move, please know that’s it’s still indeed possible.
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