COVID-19 and the Real Estate World
Toilet paper has been ravaged and so many of us are trying to balance working from home with children in the house! COVID-19 has hit the Dallas metropolitan area. With 37 cases, 2 deaths (as of March 18) and the economic hardship that the country is expected to take, we’ve been asked how this is going to affect the real estate world. Luckily, we have some good news for our buyers and sellers about the current market.
Rest easy as strong demand for houses is still being seen. This is substantial news in these times.
For buyers still looking, the house-hunting game is strong. With lower interest rates, buyers are still eager and some are even more motivated than before, which is great for sellers.
We have seen entry-level buyers having even better luck scoring amazing interest rates as low as 3.25% for a 30-year fixed mortgage or 2.875% with a 15-year fixed mortgage. These prices are insane, but lock in if you’re under contract on a rate that feels good to you! COVID-19 has caused a run on financial markets and there has been an unprecedented daily (or hourly) movement in mortgage rates. The good news - while stocks posted enormous losses, mortgage rates still look like a dream.
Overall, the real estate market is still hot. People are still buying, people are still listing, we are still selling homes.
As things change daily, we don’t know how it will affect real estate, but we will keep updating as the situation evolves.
What We Are Doing to Combat COVID-19
Social distancing is the new normal. We are doing everything we can to help our buyers and sellers feel comfortable. Staying six feet or more away from others can be challenging but we are exercising this precaution when showing buyers.
We continue to offer 3D tours of our listings, virtual open houses, as well as conducting FaceTime calls for showings and client meetings as needed to take the necessary precautions. Our goal is to help you feel as safe as possible when finding your new safe place!
What We Can Do
Whether you’re quarantining or distancing, we all could use some ideas to try to keep our sanity! Here is a list of things you can do to keep your mind occupied while you spend extra time at home with your loved ones.
Read a book
Go for a walk - we love White Rock Lake!
Do an at-home workout
Learn a new skill
Visit online museums with your kids
Have a baking contest
You know we like to focus on small business and many of them are hurting at a time like this. While we currently can’t dine in at our favorite local restaurants, consider takeout or delivery to show support and to assist them financially. Buying gift cards is also a great way to support non-dining local businesses! This also gives you something to look forward to when we can all be together again!
There’s a lot of uncertainty surrounding just about everything in the world right now and it can seem scary. Be a good neighbor, check on your loved ones, and practice gratitude in this time of chaos. If we can help in any way, please let us know.
“God is our refuge and strength, A very present help in trouble. Therefore we will not fear though the earth gives way, Though the mountains be moved into the heart of the sea, Though its waters roar and foam, Though the mountains tremble at its swelling.”