Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are deciding on the best strategy to slowly and safely reopen, the big question is: how long will it take the economy to fully recover?
Today’s everyday reality is pretty different than it looked just a few weeks ago. We’re learning how to do a lot of things in new ways, from how we work remotely to how we engage with our friends and neighbors. Almost everything right now is shifting to a virtual format. One of the big changes we’re adapting to is the revisions to the common real estate transaction, which all vary by state and locality. Technology, however, is making it possible for many of us to continue on the quest for homeownership, an essential need for all.
Red Report - 1st Quarter 2020
1st Qtr Closings 2020 vs 1st Qtr 2019:
UP ⬆️ 9% 1st Quarter 2020 vs 1st Quarter 2019 Closings (same quarter year ago comparison)
DOWN ⬇️ 16% 1st Quarter 2020 vs 4th Quarter 2019 Closings (one quarter change)
UP ⬆️ 9% Year to Date Closings - 2020 vs 2019
Total Inventories are even/no change for 1st Quarter 2020 verses 1st Quarter 2019.
A new concern is whether the high number of unemployed Americans will cause the residential real estate market to crash, putting a greater strain on the economy and leading to even more job losses. The housing industry is a major piece of the overall economy in this country.
We’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of those involved in a real estate transaction are changing to a virtual format. What isn’t changing, however, is one key thing that can drive the local economy: buying a home.
Looks like rates ended the week at 3.4% for 30 year. Download this week's (3/28) market update provided to us by Darnell Gazzolo with Wilson Bank & Trust.
On Friday we ended with mortgage rates looking like they are back in the mid 3s after a rollercoaster ride!