Will the Coronavirus Affect the Real Estate Market?

Have you been wondering how the corona virus will affect the real-estate market? If you are wondering, you are not alone. As the corona virus spreads across the globe, the U.S.is bracing themselves for the fallout. This uncertainty is causing interest rates to drop making homes more affordable than ever.

China has been one of the largest investors in the U.S. Real estate market over the years. This is slowed quite a bit over the last year. Now, with the epidemic, their ability to participate in the real estate market maybe hampered even further. Because of this uncertainty lowering our interest rates, the refinancing and the purchasing of homes may be increased. This may cause bottlenecking at the lenders, causing the closing times to be increased. So, if you are planning on purchasing a home, you may want to plant a little extra time. In case this bottleneck effect occurs.

People are also concerned about the supply chain effects of China. This will affect the auto industry, the drug industry, the steel industry, as well as many others. The employees and the owners of these industries will be hit the worst.

But let us try to keep everything in perspective. With the 15 cases in the United States, there have been no deaths. So, if you are not traveling outside of the United States, your risk is minimal at this point. Hopefully, you will be able to take advantage of these low interest rates.

If you are interested in buying or selling your home, please give me a call at 480-226-1925 I'm passionate about helping people start their new chapter in their new home. I want to be Your AZ Real Estate Connection If you would like to set up an online consultation, click the CALENDLY link here. 

 

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