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July 2020

COVID19 And Housing Market

A significant number of residential real estate transactions are being consummated at a price higher than the original asking price.

Currently there are fewer homeowners looking to sell than there are people looking to buy a new home. Demand is greater than supply. A big factor is first time homebuyers are not burdened with the task of selling their existing home.

Below is a short video of what the Federal Reserve Bank of St. Louis said earlier this year about the country’s economy and expected rebound from the virus.

Per the Federal Reserve executive states the pandemic is a health crisis, not necessarily a financial crisis. Once the health crisis is past, the economy will be back on a solid track. He further states this will happen in the third quarter of this year. If correct, now is a good time lock down an offer.

Let me help you find your new home.

Paul Banicki 248-259-4187

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