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This recession is not because of the economy, this recession is because of a virus. Buying and selling of real estate is still occurring and has not affected the appreciation of homes. Please talk to your Realtor to find out more about your specific market and what the rules and regulations are for showing properties. That being said, I do believe that once we return to the "new normal," there will be a boom in certain markets. The new luxury is the luxury of space. A number of individuals who can leave the city and work remotely will consider moving to more rural areas (i.e. leave San Francisco and move to the Napa Valley and/or Sonoma). We will see as the months pass if my hypothesis comes to fruition.
If you are considering selling, please keep in mind there are ways of putting your house on the market without turning on the days on market calculator at this time. There are also new virtual ways of selling homes to minimize the foot traffic through your home and make the buyers feel more comfortable if they want to view the home in person.
If you are considering buying and will need a mortgage, I would highly recommend reaching out to a mortgage lender for pre-qualification. This way you will be prepared and have one up on other buyers.
Inventory was slightly lower this March (down 14% or 33 homes) while the total sold was up 7.5% (4 homes) but the number of pending sales was down 26% (20 homes) which offsets last month which was up by 20 homes. The average sold amount was up 16.3% ($175k) and the average dollar per square foot was up 17.1% ($88). To get a better understanding of the right time to buy/sell, click here for a breakout by town.
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 3.38%
15 Yr FRM 3.18%
FHA 30 Year Fixed 3.38%
Jumbo 30 Year Fixed 4.40%
5/1 Year ARM 4.08%