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How the Coronavirus Continues to Impact Our Market

Rules, regulations, and even the market’s performance are now changing day by day. Here’s the latest information from the world of real estate.

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I hope you and your loved ones continue to stay safe and healthy. The coronavirus continues to dominate every aspect of our lives, both here in the United States and across the globe, and even though it can be hard to stay up to date with the latest changes, it is my goal to keep you informed.

Here are a few updates about how COVID-19 continues to impact the economy and the housing market:

  • A Zillow study regarding the behaviors of the housing market during previous pandemics gave sellers a somewhat reassuring conclusion: While the number of home sales dropped dramatically during previous outbreaks, home prices stayed roughly the same (or only dropped slightly). That makes sense; fewer transactions make it harder for prices to change. Essentially, the market goes on pause during outbreaks like these.
  • The federal government has come together to create a $2 trillion stimulus package to help individuals and businesses who are suffering from economic strain, health issues, and job loss.
  • If you’re concerned about your overall financial health, here’s a guide from Forbes magazine that details various strategies you can employ to protect your finances during the coronavirus pandemic.
  • Did you know that you can leverage your home’s equity to compensate for income loss due to the outbreak? Here’s how.

As best it can, the real estate industry will continue to operate during these trying times. Agents across the nation are taking precautions to keep themselves and their clients safe as they navigate transactions, interacting with clients remotely when possible, limiting the number of people who come to a home’s showings, and/or leveraging virtual home tours to replace in-person contact as much as possible.

Additionally, there are some promising signs around the Portland metro area. For example, if you follow us on Facebook, we post updates on the current state of the market every 48 hours. What we’re seeing is a lot of people are still choosing to sell right now and a lot of buyers are taking advantage of the low interest rates.

If you have questions for me or if I can assist you in any way, don’t hesitate to reach out via phone or email today. I’m here to help.

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