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Should you buy a house during the coronavirus or should you wait? Will the real estate market have a v shaped recovery or is a potential crash looming in the distance? In this video, I discuss what I'm seeing in the market with regards to Inventory, Buyer Demand and Interest Rates as well as what you should consider if you are thinking of buying a home right now.

#RealEstate #RealEstateMarket #HousingMarket

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As I mention in the video, I'm not here to persuade you to buy a home right now but I am here to present you with the facts.

Facts

Inventory is at the lowest levels we have seen since 2007
Interest Rates are at a 30 year low
Buyer Demand is down but there are a ton of buyers out there looking.

The question is "Is buyer demand down because of coronavirus or is buyer demand down because of the lack of available homes on the market?" While I think both are true I do feel like buyer demand would be higher if there was a better supply of homes to choose from.

Low Inventory and Low interest rates create the perfect recipe for a great real estate market. With that said, I don't expect the real estate market to just take off as states start to loosen the stay at home orders but I do expect real estate to recover quicker than most industries out there.

Will the real estate market crash in 2020?

I personally don't think the real estate market is anywhere near a crash even with the wave of current forbearance due to covid-19. Most homeowners have equity and their homes are still worth more than they owe on them. If they get into a financial hardship, most homeowners could still do a standard sale of their home.

What is a mortgage forbearance? (additional videos below)

A mortgage forbearance agreement is an agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her mortgage.

If you have additional questions about buying a home in the current environment or just want to discuss real estate, please call me directly or comment below.

Thanks for watching.

Connect with me:

B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳   / cbhbrealtor  
I N S T A G R A M ➳   / jebsmith  

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