What impact is covid lockdown having on real estate and mortgage markets? Time to buy or sell now?

I’m going to share a secret with you. I love waking up early. Waking up before my family and the rest of the world make me feel like I’ve got a jump start on the day.

 

I enjoy the quiet and solitude.  I typically will savor the smell and taste of a fresh cup of coffee and scan the latest news… I also like to meditate, journal and exercise but that's not the point of this video.

 

When I was a stockbroker id wake early and monitor the futures and other markets to anticipate potential trades, and monitor news.

 

I was total news and stock junkie. I share this because for better or worse some of these traits have carried over into my real estate career,

 

I’m always on top of local and national news and trends to be in the best position to share, serve, and support you.

 

This mornings 5 am email and headline scan was not really all that different than usual but hit me differently and I wanted to share it with you because something feels off.

 

While what I’m about to share isn’t exactly new or earth-shaking, the consistent volume and growing intensity of the messaging put out doesn’t feel right to me.

 

If you’re new to this channel my name is Chris Igoe, I’m a full-time full-service realtor with an all-star team that services South Florida.

 

I make content to showcase exactly what it's like to live in South Florida and will occasionally add my opinion or thoughts on really anything I think will help educate or inform to help empower you to make the best decisions for you and your family.

 

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OK - You may be wondering where am I going with this….  What am I talking about? I’m talking about the overwhelming amount of RAH RAH one-sided BULLISH messaging that my newsfeed, inbox, social and mobile are getting blown up with Which all says the exact same thing which is BUY NOW.

 

Don’t get me wrong I sell real estate and If buying is right for you than I want to serve and support you at the highest level but the current volume of one size fits all messaging to buy now or else is starting to feel really slimey to me.

 

Almost as if Fear of Missing out is the only gear these salespeople know. While its true interest rates are at historic lows the bombardment of the messaging isn't necessarily helpful and to me, it feels tone-deaf. The same goes for pounding the drum about low inventory.

 

Please don’t get me wrong there is truth to both of these statements

% rates are very low and so are the #’s of homes for sale but that does that necessarily mean you must or should buy or sell now.

 

If we dig a little and get past the hype we can start to discover some deeper truths which I think are instructive for predicting the future,

The National Association of Realtors just released results of a massive study that showed 74 % of ALL Homeowners Nationwide are thinking about selling due to COVID.

 

And to be clear that's not just Florida it's the entire United States.

 

Google data shows the search “ Sell your home “ is at a 16 year high.

 

Neither of these statements is my opinion they are facts.

 

Lots of folks are hurting, scared, and facing what can feel like overwhelming uncertainty about lots of things.

 

And yes it's true that right now in today's real estate market snapshot things look great. 

 

Bare in mind real estate values are lagging economic indicators. They don’t price or discount in real-time like the stock market.

 

This video is all about how the COVID-19 lockdown is squeezing real estate from all sides and threatens to burst the housing and mortgage bubble.