Record Sales in February
I'm happy to report that despite many uncertain conditions the real estate market closed a record amount of sales in February. According to NAR Chief Economist Lawrence Yun, “February’s sales of over 5 million homes were the strongest since February 2007,” and “I would attribute that to incredibly low mortgage rates and a steady release of sizable pent-up housing demand that was built over recent years.”
With a growing amount of concerns over financial markets many wonder what will happen to the typically "hot" spring market? Yun believes that the impact will only be short term and commented that, “once the social distancing and quarantine measures are relaxed, we should see this temporary pause evaporate and potential buyers return [to the market] with the same enthusiasm."