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Tracy King's Blog

Coronavirus and Local Real Estate

So as of today, March 12, 2020, Coronavirus cases are spreading - first there’s one case reported, then 2, then 100, then a thousand. Universities and other schools aren't having live classes. Germy kids get to stay home and only infect family members and caregivers. The NBA has suspended the season. Wow! And mortgage interest rates are so volatile that lenders aren’t publishing them. In fact, some lenders aren’t taking any new or refinance business because they have more than they can handle. 

 

I called Natalie Salins at Movement Mortgage and she told me that she thinks with a lot of guessing that rates will settle down around where they were before all this—3.5 to 4%. Doug Smaldino at Hillhurst Mortgage thinks around 3.875%. They both are still doing business, so give them a call.  And those are the good rates for the best credit risks, all kinds of caveats noted.

It seems like every hour there's new cancellations because of the COVID-19 - all kinds of sports events, large gatherings of any kind, and, most shocking of all, Disneyland is closing Saturday through the end of March!  
 
Needless to say, this is affecting the economy. With Wall Street and stock prices crashing down, there is a look towards real estate as a much safer long-term investment. Several Realtors we know who had open houses last weekend said they were packed. Today on Realtors' open house caravan it was very busy, despite the rain and news.  We are ready for buyers with a few new listings coming on the market soon, so stay tuned. A little rain seems like no big deal in the face of everything else, right?
**Updated to add additional takes on Coronavirus' affect on real estate:
Real Estate Must Be Virtual, For Now
Should You Buy a House in 2020?

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