I hope this Blog finds you all well and safe during this Pandemic. At the time of this writing, Monroe County, PA which is in the heart of the Pocono Mountains, has only 3 confirmed.&
How The Corona Virus Is Affecting Real Estate
I hope this Blog finds you all well and safe during this Pandemic. At the time of this writing, Monroe County, PA which is in the heart of the Pocono Mountains, has only 3 confirmed cases. Schools are closing, toilet paper is oddly disappearing from store shelves at an incredible rate, and people are still buying houses. A lot of them! Let's take a look at how the Corona Virus is affecting Real Estate in the Poconos.
1) Mortgage interest rates are decreasing. Why? Because when the stock market starts to tank, investors buy bonds. Here is what Jeff Andrews from "Curbed" has to say about it.
"... what matters more for housing is bonds, the price of which affect mortgage rates. When investors start thinking the stock market is too risky—like right now—they sell their stocks and buy bonds. The increased demand pushes the price of bonds higher. The higher the price of bonds, the lower the interest payment—called the yield—is relative to the price. When bond yields are lower, mortgage rates are lower, too."
2) Homebuilding supply lines are being effected. If you are looking to build a home right now, you may have some delays. Many building supplies are shipped from other countries. With the disruption this virus has caused in China and Italy, you can pretty much bank on waiting to finish your home in the Poconos. However, the lack of building supplies also affects the amount of inventory. More people opting to buy an already existing home, and less homes being built to put on the market will make our already low inventory even lower. With no decline in the number of buyers, and less homes that can be bought, you'll need to act fast to get the home you want.
Is it a good time to buy in the Poconos? Short answer, Yes. If taking advantage of dropping interest rates is appealing to you, it's a great time to buy in the Poconos. Rates are currently in the low 3% range. Keep in mind though, gone are the days of mulling over the decision to buy a particular home. With low inventory you'll want to be the first to see a home and get your offer in. New listings are not sitting on the market, they're flying off the shelves like toilet paper and bottled water!
Is it a good time to sell in the Poconos? Short answer, Yes. The Poconos needs more inventory (Down over 10% from Jan 1 2019 to Jan 1 2020) for the huge amount of buyers the area is seeing. If you price your home in line with the market, your house should sell quickly! Don't wait for interest rates to go up and the number of buyers to decrease.
I am still working everyday and would love to chat with you, or show you some homes. Of course, I am doing my best to stay healthy, and I hope you are too. So lets use some common sense when we meet. You'll forgive that I don't shake your hand, and ask that if you are not feeling well the day of our meeting that you will reschedule. I will do the same. Until then, I hope you stay Healthy, Wealthy, and Wise!
Hello! My name is Tami Almquist. I've lived in the Pocono Mountains since 1984, after moving with my family from New Jersey to Paradise Valley while still in grammar school. I obtained my Bachelors of....
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