Real Estate and the COVID-19 Economy



With bailouts, race riots, peaceful protests, an ongoing pandemic, a closed mall, salons, gyms and more unemployment checks than paychecks … the world is upside down.  We may be living in uncertain times, but one thing is for certain, home is home and is clearly in high demand. 

Fueled by low interest rates, matched by a low housing inventory and a deep desire for something that cannot be taken away… we are in a sizzling real estate market.

Home ownership is at a 12 year high since 2008. Multiple offers, waived appraisal contingencies and bidding wars are the new norm, and sellers could not be happier.  Houses are flying off the shelf with an average of 33 days on market, most selling over asking price, at an average sales price of $675,000 in our town.

So what does this mean? It means opportunity is knocking now and it is a great time to sell!  Seize the day because tomorrow is an unknown. How do we have record high home values, record high home ownership, record high mortgage volume, while we have record high unemployment? Unemployment is the fuel that drives the indicators.  You need to work to buy a house; so once the money runs out so do the housing sales. 

According to economists, after the next trillion dollar prop up bill runs out, the market is positioned for a long awaited correction. Nationwide we are hearing of a 6% – 7% drop.  A cool down is in our future; so if you’re thinking of selling, sell today. Carpe diem! Call Krista Hubbard anytime for your free home valuation: 760-975-7085.

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