Lower interest, Realtor access likely biggest immediate impacts from coronavirus

0
144
house for sale sign
Mortgage interest rates are usually based on Federal Reserve interest rates, and the Federal Reserve has lowered that rate in an attempt to stimulate the economy. Valley News/Courtesy photo
The most likely immediate impacts the coronavirus epidemic will have on the real estate market are lower interest rates and lessened access to Realtors. “We are still trying to measure what the impact is. It’s still too soon to be able to say what the overall impact is going to be,” Gene Wunderlich, vice president of government affairs of Southwest Riverside County Association of Realtors, said. Some impacts might not be negative. “If there’s a good thing, it’s that interest rates will dip and make housing more affordable,” Wunderlich said. Mortgage interest rates are usually based on Federal Reserve interest rates, and the Federal Reserve has lowered that rate in an attempt to stimulate the economy. “The Fed reduced their interest rate to essentially zero,
Subscribe or log in to read the rest of this content.