To say this week has been crazy is an understatement. Closures and rules are changing by the second, and folks are freaking out. Some of it warranted, some of it overboard. While social distancing and self-quarantine have become the new norms, some folks have been asking, "What will happen to the Real Estate market?"
Let me be very clear.... this is not the same as the market crash in '07-'08. While oil is tanking, the stock market is haywire, and interest rates are at a record low, this does not mean the Housing Market will crash. Yes, buyers/sellers might want to put things on hold for a bit, but that doesn't mean home prices will plummet.
However, if people start getting laid off in mass amounts, then there is always the risk for foreclosures to start to uptick. If you are fearful about being able to pay your mortgage, PLEASE CALL YOU LENDER! Sometimes they can set you up on a more reasonable payment plan.
I am still showing houses, taking appropriate precautions of course, but I will not be conducting Open Houses, attend closing or inspections. Houses will continue to sell, because some buyers and sellers have no choice but to make a move.
So, let's all be careful out there, act responsibly, and ask questions versus make assumptions.
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