Coronavirus - Dealing With a Global Health Pandemic
Wow, how things can change in a week! I never thought we would be facing such an intense health and community crisis as the one Coronavirus has brought on. Let me start by saying, I wish you and your loved ones safety and good health while we do everything we can to stop the virus from spreading. Between government measures and our personal efforts, it’s my hope that we’ll help protect those that are most vulnerable and recover much faster as a country.
As you may have noticed over the past 10 days, the stock market has taken a dive, bars and restaurants are closed for at least 30 days, schools have been shut down, traffic is non-existent, many professional sports leagues are cancelling big games, church service is on hold, and we are being advised to stay home, limit social interaction, and not gather in groups larger than 10 people.
Although the feelings of scarcity and fear are high, I believe we are in this together and we will get through this together. We're in this business to help and protect people - to guide them through an emotional and financially scary process, to guard them from making poor investments so we can build meaningful relationships and impact our community in a positive way. It’s no secret that I love my career and I am so grateful to have a new team member who’s just as passionate about serving others.
Austin and I want you to know that during this time, we’re here to help you and your family in any way we can. From grocery trips to walking the dog to transporting loved ones, we will jump in to contribute in whatever ways are needed and most valuable to you. We’re also here to talk or rally for financial support in any way we can. We want you to know we truly care and our arms and ears are open to any support we can offer. If you're in a position to donate to those who are struggling to cover extra food costs or have recently been laid off and need unemployment assistance, please visit the respective links below:
We encourage you to take this time to focus on your family. To slow down and reflect. To see how you can serve others. These times grow us and make us think. So much of life is out of our control but the one thing we do have control over is how we react and fortify our mindset. Lean on one another, support one another, pray together, and help where you can.
How Is All This Affecting The Housing Market?
As you may have heard, the Fed has dropped the prime rate to zero to help stimulate the economy. The prime rate is not tied to mortgage rates, however, it can help with credit cards and home equity lines of credit. Mortgage rates have actually increased week-over-week, possibly due to a surge in refinancing, but I believe these rates will come down again.
Demand is still high with low housing inventory, steadily increasing home prices, and historically low interest rates. This virus has slowed the economy but the fear and stagnation will pass, and I believe the housing market will remain strong.
If you’re curious about what your home is worth or are wanting to take advantage of this slow-down to make a move, please don’t hesitate to reach out.