Do you anticipate that the Coronavirus will effect the Seattle Real Estate? Let me share some thoughts.
Let me begin by saying that last week was emotional. The news about Covid-19 (aka the Coronavirus) has been all-consuming. On a daily basis, there is a barrage of negative headlines and some messages of fear.
As some of you may know, part of my morning routine is working out and watching the financial news every morning (CNBC). It has been a priority for me since I was young teenager and it gives me great confidence as the markets really show both the trajectory of the economy, interest rates and a global outlook on the state of the world.
Watching the events of the Coronavirus transpire last week was sobering. The volatility in the stock market was incredible. We had our single biggest drop since the stock market crash of 1987 and then one day later on Friday, we had the largest single day gain on the Dow Jones Industrial Average ever!
Before I give you my assessment on how all of this will change Seattle real estate, it is important we understand the facts.
Both domestic and international travel has come to a stand-still. It is likely that the Cruise industry, the Airline industry and the Hotel industry will need immediate fiscal stimulus in order to recover/rebound.
Here in Seattle there are more than 50 restaurants that have either temporarily or permanently closed. I’ve noticed a big push towards supporting local business but with hundreds of thousands of people under quarantine, one of the industries getting hit the hardest is restaurants.
So what about Seattle real estate?
As you’ll see in the video, I believe that Seattle has strong economic fundamentals. We will notice an impact on housing, but when the dust settles, the Seattle real estate market will a great place to invest your money. As I mentioned last week on my Instagram Profile, I think virus presents an incredible opportunity. Here is what I posted:
Seattle is now considered the epicenter of the Conoravirus spread in the United States. I shared my views yesterday with Geekwire about the impact on housing in Seattle. To be clear it will have an impact. With that said, I think it presents an incredible opportunity for buyers
The threat of a pandemic has driven the worlds investors to bonds for protection. Thus sinking yields and dropping mortgage rates to historic lows
What if you find the courage to swim in the opposite direction of everyone else. While Seattle residents are stocking up on toilet paper, you could be touring some of Seattle best homes and preparing an offer that will help you lock in a historic rate and you will outwit your competitors that just 3 weeks ago would be bidding against you for the same house
I respect the severity of the situation but I think the fear and panic has frozen consumers. Nothing great was ever achieved without taking risk. This is just my take. If I were looking for a house/condo this Spring, I would leverage this situation. Geekwire article in the bio
Are you willing to buy when everyone else in the market is feeling uncertain (remember Warren Buffet’s famous quote? “you should be fearful when others are greedy and be greedy when others are fearful“). If you don’t believe the world is going to end (which I don’t either), now could be an incredible time to buy Seattle Real Estate. As competitive as it is, with as many people staying home, you might find the perfect house with less competition – sounds pretty good right?
I realize the severity of the situation. I also recognize the need for social distancing. I think there is a balance of sacrifice and opportunity. The safety of you and your family should come first. With that said, I tend to go against the grain at times. Seattle is a competitive real estate market – if this creates an opportunity for you to lock in a low rate and secure a home you will live in for the next 10 years – all while competing with less buyers than usual, go buy a home. I think you’ll be thankful that you did. Stay safe.