How Covid-19 Is Continuing To Affect The PDX Market
This month, I want to start by saying that you and your family are in our prayers. We sincerely hope you’re doing everything in your power to stay safe and protected during this time. Our team is here to serve you and our community in any way we can, so please don’t hesitate to reach out!
It’s always our goal to bring you as much value, education, and encouragement as possible in our newsletter, so this month I reached out to a few friends in the financial, land development, building, mortgage, appraisal, and real estate industries to learn a bit more about how this health pandemic is affecting businesses and individuals throughout the Portland metro area.
Despite increased fear and uncertainty, job transitions, growing families, and changing lifestyle needs are still motivating people to make housing moves. As the health crisis has spread, we’ve started to see a slow down in activity as people have become more cautious facing this recession, but the industry experts I’ve consulted believe we won’t be looking at a depression and hope our economy will slowly start to recover sometime in June.
Mortgage rates have dropped below 4% again, which has helped to stimulate more market activity and well-priced homes are still receiving multiple offers, with hundreds of new listings coming on the market each week. If you’re looking to make a purchase in the near future, lenders are still working to pre-approve as many buyers as possible, but we recommend starting a conversation with your financial advisor and lender today to ensure you’re aware of the new guidelines being rolled out and how your personal economic forecast might be changing due to COVID-19.
While it’s still early, we have yet to see housing prices crash and current data doesn’t present any major concerns, however, we should have more relevant data in the next 30 days as we continue to evaluate how this health pandemic is impacting the real estate industry.
While buyer activity has slowed, inventory in the Portland metro area is still favoring a seller’s market. If you have any questions about what your best real estate move might be at this time, or you simply want to call and check in, we are here to help and provide support.
Do you need a referral for a financial advisor or mortgage broker? We make a point to work with the best of the best and are happy to connect you to a hard-working professional that will help you create a solid financial plan for your future.
Should You Skip Mortgage Payments?
You may have heard that many banks are letting homeowners know they can skip mortgage payments to alleviate financial stress, but after chatting with our preferred lender, we want to encourage you to check in with your lender and get all the details to ensure you have the best possible plan for your long-term financial success. While skipping payments may be the only feasible option for many, continuing to make payments if possible could make more sense financially for those who are able. Additionally, we recommend you look into the “Cares Act” to see if you qualify for benefits - our household is currently receiving benefits through the “Cares Act” as my wife is unable to return to her job through mid-June.
Our Team's Upcoming Pocket Listings
Austin and I are blessed to be closing a couple listings, with seven new listings on the way in the month of May. We are so grateful to our loyal clients and their referrals and we look forward to continuing to help those looking to buy, sell, or invest in these tough times. We have several fantastic investment opportunities, luxury homes in Lake Oswego & Happy Valley, and two new construction homes in Cedar Mill coming on the market soon. If you’d like additional information about these properties before they’re available to the public, just reach out today and we’d be happy to give you or someone you know the first chance at these opportunities.
Being A Community-Minded Person During Hard Times
During times of high stress and anxiety, it can be easy to shut down and close yourself off. This month, we want to encourage you to open up to your loved ones and share your feelings. Confiding in someone you care about can lift a huge weight off your shoulders and help you realize that you belong to a community of people who are all experiencing similar struggles. While getting through this won’t be easy, I truly believe difficult times create growth, and hope we all can focus on things to be grateful for - like good health and quality time with those in our households. I also encourage all of us to be there for others in any way we can, whether that’s calling to check-in with friends, seeing how you can assist neighbors, or doing what you can to support the health-vulnerable individuals in your life and community. We will all make it through this together and I believe our sense of strength as a community will be all the stronger for it.