As the news and media bombard us with coverage of the election, economy and the Coronavirus—The number one question people continue to ask me is, “What’s going on with the Real Estate market?”
Perusing our local MLS this morning, March 10th, 2020, there are currently 103 single family homes listed for sale in Chico, 92 in Oroville, and 25 homes in Paradise. It’s safe to say, our market is experiencing very low housing inventory. Maybe you have an underperforming rental property? Did you inherit a home that requires more renovations than you would like to bring up to market standards? Or perhaps your family has outgrown your starter home. These are just a few reasons why it might be an ideal time to sell your home while housing inventory is low. This is especially true if you’re looking to upgrade to a larger home. With greater demand for starter homes, smaller properties tend to sell for more money per square foot than larger homes.
Have you been thinking about buying? As the entire world wades through economic uncertainty and the stock market continues to fumble, some are taking comfort in copious amounts of toilet paper and hand sanitizer, while major U.S. investors seek safety, selling stock and turning to bonds. With that comes lower yields and interest rates. Plummeting interest rates are the silver lining of this fear, and good news for homeowners and buyers. Lower mortgages rates support a higher priced real estate market and create more affordable payments in comparison to just a couple months ago. Historically, homes steadily appreciate. Right now, there is great opportunity to lock in fixed payments for the life of a loan, often for the same or less than current monthly rent payments, which continue to rise.
My hope is the effect of the novel Coronavirus will just be a blip on our radar. Stocks will rise, schools will be in session, events will he held, people will travel, and our economy will go right back to humming along like it was before COVID-19 began to swarm the globe.
My advice to you is to look at your mortgage interest rate. Consider if refinancing your current mortgage is a money saving strategy for you. If buying or selling a home has crossed your mind-- Now is a great time to jump in the game!
Oh yeah, please wash your hands, and share the soap! I don’t like to brag, but we were using soap before it was trending. Hoarding the last 10 bottles of disinfectant on the shelf, won’t combat the spread of the virus. Everyone else needs to be able to wash their hands too.
Feel free to contact me anytime (530) 896-9339. Like our team on Facebook @TheDepaTeam.