Buying During the Virus By Sandra C Brown, Broker, GRI
August 15, 2020
Why Are Prices Rising Virus Market? By Sandra C Brown, GRI Broker/Owner, Dream Catcher Realty, Sevierville,TN
Real Estate prices for the month ended July 31, 2020 just reached records highes
This happened in the middle of a virus crisis and with unemployment over 10%
But how? Why? Many experts suggest millions will be be foreclosed on over the next 18 moths.
The answer is quite perplexing. 1) Lack of inventory 2) Interest rates hit rock bottom on loans 3) People buy based on payment not purchase price. With some loans reaching an amazing low almost 2%, buyers can now afford to pay 25% more for their home compared to last year As long as rates remain this low inspite of record foreclosures prices will hold steady or even perhaps even go up.