How’s the Coronavirus Affecting Washington Real Estate?

With the coronavirus taking over the news (and our daily lives), a lot of people have been asking me about the effects it’s having on our real estate market. Here’s what you need to know.

I have a very important message to get out to you guys today. A few days ago, I had the opportunity to be interviewed by Realtor.com about the coronavirus and its effects on our real estate market here in Washington. 

The virus has been a polarizing topic of conversation lately, and up until this point, people have either said that they’re not worried about it or that they think the world is ending. As we’ve gotten further along, we’ve all come to realize that it’s much more in the middle than on either pole.

Right now, Seattle is obviously being affected by this—our economy, our real estate market, etc. The stock market has shifted from a bull market into a bear market, all in the last few weeks.

There are still people moving here for work, and they need homes to live in.

Obviously, people are asking me what’s going on in real estate. Even with all of this bad news, there is still good news. Interest rates have gone down even further after the Fed cut their rate to near zero. Another piece of good news is that our inventory remains low. At our core, Seattle is a tech market, and we have the tools to get deals and business done virtually. There are still people moving here for work and these people need homes to live in.

We are actually working on multiple-offer situations right now with our sellers. Buyers, more often than not, are also competing in this kind of situation. If you need to buy, sell, or invest this spring, give us a call and we can help get it done.

If you have any questions for me in the meantime, don’t hesitate to reach out via phone or email. I look forward to hearing from you.

*this video was shot several days ago; the virus information has progressed, but the real estate information is still accurate.*