Covid-19 has caused a virtual economic shutdown to stop its spread and preserve health. We will defeat this virus and our economy will begin to recover. The economic slowdown will likely cause home values to take a modest dip over the short term. But this should be viewed as an opportunity.
Just prior to the pandemic, the housing market was hot – It wasn’t uncommon to see multiple offers on the same home. Sales were at their best levels in 13 years, and every metric was favorable. There’s simply more demand than homes for sale. And the supply of homes will remain tight, while the population numbers are continuously growing. Household formations will steadily rise into the future because they are reflective of rising birth rates from the 1980’s.
While we understand that there may be a short-term decline in activity, it could provide just the right opportunity to purchase a home at a good price. During the economic recovery, it is likely that housing will lead the way.
Remember that homeownership is usually a long-term investment, with the average length of stay in the home being 10-years. And there is a good chance that the purchase of a home today will result in a very happy outcome in the future.
Reach out to us to get prequalified.