In recent weeks, news about the Coronavirus has spread worldwide. Most people are discussing this topic, and we want to address it from a real estate perspective as well. During times of uncertainty, volatility can occur. In some ways we’ve seen this to be true, as the stock market has reacted and the Fed lowered interest rates. However, it is very early on in terms of the impact the Coronavirus will make on the US economy. This may be a short blip and we will return to some semblance of “normal.” Only time will tell what the outcome will be.
As a result of the drop in interest rates; however, we are seeing historically low mortgage interest rates. For those who have been in the market to buy a home and have the financial security to do so, this may be a prime time to take advantage of those interest rates. Or, if your current rate is high, you might consider refinancing to adjust your monthly payments. Usually we recommend staying in a home for 2-3 years for this decision to make sense. If you don’t fall into those categories or you aren’t financially secure, it may be more prudent to wait and see the outcome and impact on the economy. We love discussing individual situations with our clients, so please do not hesitate to reach out.
Ultimately, it’s too early to know how the economy will be impacted as a result of the Coronavirus and the news associated with it. We do know we are seeing low interest rates and capitalizing on those could substantially benefit our clients. We have seen the real estate market cycle over the years, and rebound after both large and small setbacks, and we are confident this will occur in this situation as well. Our team is available for any questions you may have. Please let us know if we can assist you.