Update on Recent Stock Market Plunges on Local Real Estate
Given that Buying or Selling a Home is a major commitment, it is only natural that the recent Stock Market Plunge and fears of the Coronavirus, are raising economic anxiety.
So, how is this currently effecting our Local Real Estate Market
- Interest Rates have Fallen dramatically! The Fed made an emergency rate cut last week due to Coronavirus concerns. The 30-yr Fixed Rate last week averaged 3.29%—–Lowest on record according to Freddie Mac.
- Increased Activity – We are seeing very good attendance at Open Houses; Rates this Low make actual Monthly payments very affordable.
- Stock Market Chaos – often motivates people with money to invest to look at diversifying into Real Estate
- Inventory of Homes For Sale remains Low – According to the Natl Assoc of Realtors, January’s Inventory was the lowest it has been for more than 2 decades! That is down 10.7% from January 2019.
What does this mean for Buyers & Sellers specifically?
- Buyers – Be Prepared & Be Patient
- Have your ducks in a row – know what you want, what you can afford and have a Pre-approval Letter from you Lender so when you find what you want you are ready to make an Offer right away.
- You may have to bid on more than one property before you beat a competitive bidder for the home you want
- I can help you make your offer as attractive as possible
- Sellers – No Need to Wait, List Now!
- This is an Optimum Time to List your home; Take advantage of the Low Level of Inventory NOW and Low Interest Rates incenting Buyers
- These Low Inventory and Interest Rates will not last indefinitely
- I can help you prepare and present your Home to the Market to obtain the highest value possible in your Market
If you have more questions, please reach out to me at: Loire@GrassmuckRealty.com or 314-610-1257