The Spring housing market was projected to be an incredibly competitive housing market.
Inventory is low, high demand, and mortgage rates are at an extreme low. Homeowners were considering refinancing while rates are this low; other homeowners are already in the process.
The coronavirus has changed everything, and new details arise daily that change the landscape in the real estate world. While studies of previous pandemics suggest that home prices won’t drop all that much, the economic fallout of COVID-19 could be sweeping. Any prolonged mortgage payment suspension could cause chaos in the mortgage industry and lead to liquidity challenges, where lenders don’t have the capital to lend to potential homebuyers.
But if the damage to the mortgage industry’s lending infrastructure is limited, it’s possible a quick recovery would bring the housing market right back where it was prior to the pandemic. If anything homebuyers and sellers are encouraged to keep to their intended plans and select a real estate agent to help navigate through this more complex real estate market. Connect with a RE/MAX Capitol Properties agent today at 307-635-0303 or online at cheyennehomestore.com.