Everyone is feeling the effects of the COVID-19 (coronavirus) outbreak, the virus has caused uncertainty in the financial markets and anxiety in peoples personal lives.  There are many theories about why such precautions are being taken, and the simple fact is we are in un-chartered waters; there is no protocol for what we are experiencing. I personally know as much as you when it comes to the social consequences of this, but I can tell you some of the financial ramifications it is having.

Stock Market Decline

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There has been a significant decline in the stock market as investors are unsure where to put their money.  Uncertainty in the market causes declines.  This has had a dramatic effect on mortgage rates too.

Real Estate Trend

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source Redfin https://www.redfin.com/city/7928/WI/Green-Bay/housing-market

Real estate is expected to take a hit as “stay at home orders” are being put into place for non-essential businesses.  You can see the order here. This has put some stress on the real estate market and cooled it down.   The picture above is from Redfin and outlines the last 3 months of our Green Bay Market, homes are not selling for top dollar and it’s shifting towards a buyers market.

What you can do about it

The best recommendation is to follow the order issues by the Governor, try to limit interaction and hopefully this goes away soon.  There will be long tern effects to our economy and the result may provide a preferable buying market for pre-approved buyers.  As rates decline and home values do the same, it will create a perfect storm of activity.  I recommend getting pre-approved and keeping your options open.

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Justin Scott

NMLS 8758581

Executive Mortgage