COVID 19 and the Real Estate Market
August 19, 2020
COVID-19 has affected many markets in 2020, with Real Estate being a major one. As uncertainty over the future remains, many Americans who may have been thinking of listing their homes are holding off until they have a clearer picture of whats to come
While there is not alot of houses on the market, there are many buyers. In an attempt to stimulate economic growth, The Federal Reserve cut interest rates to record-breaking lows. The average rate on a 30-year fixed mortgage dropped below 3% at some point
.As fewer sellers are willing to list their homes, the current market is demonstrating a high-demand from buyers with a shortage of homes. This, in turn, has caused houses to sell at a premium price.
BOTTOM LINE...
There are lots of buyers with very little inventory. NOW IS ONE OF THE BEST TIMES TO SELL IN RECENT HISTORY!!
