K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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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.

 

 

 

 

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