THE REAL ESTATE MARKET OF TODAY

By: Lucinda Hage Principal Broker/Owner

Coldwell Banker Professional Group

With COVID 19’s affects sweeping through our nation, and the country going quiet during the quarantine, real estate is still moving and people are asking,

“What’s happening to the housing market?” Though we have not had this exact situation before we can look back in history to similar times. 9/11 has a lot in common with what is happening today. People are avoiding crowds and the same part of the economy is under pressure. If you take a look at the graph, you see that during the “Dot.com” scare and after the 9/11 terrorism attacks, the stock market showed volatility like we’re seeing today. However, the housing market wasn’t affected, and home prices actually appreciated. In the state of Oregon at this time real estate has been deemed a necessary business to keep active. Inventory was low prior to the virus, and now with historically low interest rates we are seeing even more buyers out looking for their next home then we had three or four weeks ago. All of that said, the answer to the question, “Should I be buying or selling right now?”, as always, we believe that each individual situation should be evaluated before buying or selling property. We’re encouraging all buyers and sellers to have in-depth consultations with their realtor and lending advisor prior to making this decision. Also, all processes of buying and selling property should follow all the health and safety guidelines set forward by the state at that time.