Our country is experiencing a united effort to fight COVID-19 with resilience. As Washington passes a historical $2 trillion bill to relieve the financial impact of the coronavirus pandemic, as a real estate professional, you have a unique position to speak hope and joy into the uncertainties of the families you serve. You are in an industry that becomes intimately connected to your clients and you understand their desires and dreams.
Here's the latest news:
The House passed the CARES Act, short for the Coronavirus Aid, Relief, and Economic Security Act, today (Friday, March 27, 2020) giving friends, family, businesses of all sizes and the healthcare industry the necessary financial means to breathe a little easier as relief funds flood into the economy.
The whole purpose of this bill is to, “provide emergency assistance and healthcare response for individuals, families, and businesses affected by the 2020 coronavirus pandemic,” said Senate Majority Leader, Mitch McConnell.
The comprehensive coronavirus relief bill includes:
- Direct payments of financial relief based on 2018/2019 tax return
- $1,200 per adult with annual income up to $75,000
- $2,400 per married couple with annual income up to $150,000
- $500 per child under 17 years of age
- Increased unemployment benefits up to $600 a week for four months
- Billions in aid to large and small businesses
This bill has already changed the temperature of Americans and the markets. Thursday, March 26 (the day after the Senate passed the bill) was the fastest economic boost the stock market has ever seen. This gives investors a chance to breathe a little as a new normal begins.
What does this mean for the housing market?
We have a chance to guide our clients through these uncharted waters and help them to decide if buying or selling a home is the right move for their families right now. These big questions truly depend on how dramatically affected the local area is by COVID-19.
What we know:
- The home buying process is rapidly changing
- The mortgage industry is aiding with progressive product offerings
- Mortgage rates are still at an all-time low for home purchases
- Rate lock options are available
- Home prices are holding steady
With what we know we can communicate a message of optimism to buyers and sellers based on facts and not fear. There are many solutions to help families navigate the COVID-19 real estate market if they wish to proceed. Keep in mind, maintaining the health and safety of your clients, team members and community is the highest priority. As we look into the future of the real estate market over the next few months and make our predictions with so much unknown, there’s a silver lining – we all work in an industry that helps families fulfill a dream of homeownership and that is good!
Read more about the State of the Market: Replacing Fear with Facts.
