How COVID will affect the Sun Valley real estate market remains to be seen. I am continuing to follow the market closely and will keep you up to date as things progress! I expect our spring listings will be pushed to early summer, and buyers will have to be patient.
A recent article in FORBES Magazine suggested Real Estate in metro markets would rebound quickly to pre-COVID values; however luxury and second home markets may be slower to recover. Many communities across the country have seen solid sales in the under $1M price range, and slower movement in the over $1M market. This has been true for our Sun Valley Real Estate Market as well.
Mortgage interest rates dropped again last week, but some banks, such as JP Morgan Chase, tightened borrowing standards. Banks are increasingly wary of lenders’ ability to make payments amid high unemployment rates.
Barbara Corcoran weighs in on when to invest in the housing market
Real estate mogul Barbara Corcoran, founder of The Corcoran Group, told Business Insider that the best time to invest in real estate is during uncertain times. However, she warned that in order to recognize a good deal, you have to be knowledgeable about your local market. People often think they want to buy when a market hits “bottom,” but since it’s hard to tell when the true bottom is reached, she said to think about buying “within the bottom.” Read in Business Insider: https://apple.news/A9n7zCp5fRx6rOPC0HpaNuA