Wow! Are things wacky or what? Seemed like the panic button got pushed this week. Today in addition to a market update (and some information about how the current Coronavirus crisis is affecting the market — and how it might continue to do so), I wanted to do something a little different. I hope you find this helpful — I certainly did.
Coronavirus Q&A with Local Scientist
Recently I had the opportunity to speak with Dr. Warren, a Ph.D. scientist who specializes in viruses. Here are some highlights from our conversation:
Jen: Why is Coronavirus such a big deal when the flu gets just as many people sick and many end up in the hospital from that?
Dr. Warren: This virus is completely new and in many respects unexpected. So there is no vaccine and no one has immunity to it yet.
Jen: If Coronavirus is only dangerous for older people or people with compromised immune systems, why are they shutting things like the NBA and Disneyland down?
Dr. Warren: They are trying to flatten out the curve of the number of cases occurring at one time (see this article in NY Times). So rather than lots of people coming down with it in the next month, hopefully they can spread it out over a longer period of time and keep the healthcare system from being overloaded. Right now they don’t even have the number of tests available to really know how many people are infected.
Jen: If you were to get Coronavirus, how long does it last and what are you supposed to do?
Dr. Warren: Duration they are seeing can be up to 2 weeks. Really if you’re feeling sick at all, you should stay home and avoid large crowds. The important thing to remember is that for the vast majority of people, the symptoms are relatively mild. But we need to do our due diligence to protect those at greatest risk of disease, like the elderly and those with preexisting medical conditions, from acquiring this infection.
Personally I’m going to try and up my positivity by maintaining my routine which includes morning gratitudes, exercise, and vitamins. I think I’ll also crank up some good tunes and dance whenever it strikes 🙂 LOL
Now for the question I get asked a lot — how is this going to affect the real estate market?
- The Fed lowered interest rates after the stock market dropped. So IF your mortgage interest rate is over 4.25%, you may want to look into refinancing. Rates are incredibly LOW right now. That’s a great thing if you are wanting to save some money or buy right now.
- Depending on how — and how long — this virus affects the general economy, it could mean that we see a reduction in prices as houses potentially stay on the market longer. So if you’ve been waiting to jump on a good deal, you may want to get your ducks in a row now.
- If you are a seller, carefully analyze prices. The inventory levels are still very low, but with the uncertainty on the market you could end up sitting with little activity if you are not priced right.
My Advice in Our Current Market
I did a quick little video to recap my advice for buyers and sellers in our current market. Technology is not cooperating today, so I can’t post it on here as a video. Instead, here’s the link.
Need Real Estate Help? I’m Your Gal!
If it’s the right time to buy, sell, remodel, or refinance, I’d love to help you. I can help you find a great home at a great price, get the most from the sale of your home, or refer you to some great vendors, contractors, and mortgage professionals. Just give me a call at 303-204-6494.