Every time I turn on the news, there is another scary story about the spread of the Coronavirus. People are now preparing to stock their homes with a month’s supply of groceries in the event that we are all not allowed to leave our homes until the virus is contained. Is that out of a Will Smith movie?
Meanwhile, home sales have continued to pick up the pace as more communities are seeing multiple offers on homes. The Coronavirus is causing a scare in the financial world, so feds are continuing to drop interest rates so we are now seeing interest rates as low as 2015 when our housing market was a seller’s market.
Are we heading into a seller’s market again this summer? I sure hope so! Parts of Houston have already entered into a seller’s market, including the Heights, where homes are receiving multiple offers within days of listing. In these markets, buyers are offering above list price to compete. We have even seen some multiple offers in the Energy Corridor and Katy, so the indicators are looking good.
Will the Coronavirus turn our market upside down again? Oil prices and stock markets have been plummeting as news of the virus spreading around the world is creating a scare. Conferences and travel are being cancelled daily as people choose too minimize their risks and stay home. How can we continue to conduct business if we don’t travel in a world where our economy is reactive to world economies?
It seems crazy to let a little virus cause so much damage over night so I hope our world leaders figure out a solution to this problem quickly. Meanwhile, if we have to be holed up in our houses, perhaps finding the right home becomes even more important. The good news is that our real estate market in Houston typically reacts to oil price changes within 6-12 months. Buy your homes this summer then stock up on groceries!
Writer – Sherry Campbell