During this time of uncertainty due to the unprecedented COVID-19 impact, The Rivera Group believes information and reassurance help quell financial anxiety. Based on the advice of our government and healthcare leaders, we are taking every precaution to follow protocol, protect the health of our clients and team and limit the spread of the virus.
However, we are still here ready to help you with your real estate needs. We know that many people are in the process of buying or selling. We will continue to help you. We encourage you to contact us with questions regarding your real estate needs.
How Today Differs from the 2008 Recession
In 2008, the U.S. and world suffered through a recession. We remember the economic challenges at that time. However, what we are experiencing today isn’t like in 2008. At that time, the economic crisis hinged on poor mortgage lending practices like subprime loans. Today, the changes in our economy stem from an international health crisis.
We are not currently dealing with subprime mortgages and market saturation. Instead, the housing market has a low supply. In fact, many areas around the country have a record-breaking low housing inventory. The housing market remains stable considering the shifting national economic situation.
Buying a Home in an Uncertain Time
The fact remains that some of our clients need to buy a home now. Whether you recently moved to Delaware, sold your existing home or need to move due to financial reasons, we are here to walk you through the home buying process.
With interest rates low, now is still a good time to buy. In fact, I recently worked with a buyer that received a 2.75% mortgage interest rate. Not only is it okay to move forward with your real estate needs, you may receive a favorable rate that benefits you once this crisis ends.
Selling a Home in an Uncertain Time
As with buying, if you were in the process of selling your home, it is okay to move forward with the process. Buyers are continuing to purchase homes and with supply low they need options. We will continue to work with clients not to just list their homes, but to sell homes.
We continue to have clients seeking to buy homes. This means we have buyers that need homes for sale. Most of our clients are returning customers that trust us with their real estate needs. We believe in the importance of relationships and will put our client relationships and wellbeing first.
Investing in Real Estate During Economic Downturn
Most real estate investors know that shifts in the market are inevitable in real estate. Yet, market fluctuation also creates opportunities for investors. Low mortgage rates provide investors a great opportunity to purchase real estate for buy and hold, fix and flip and other types of investment strategies.
If you are interested in investing in real estate, contact our office to discuss the best options. We work with real estate investors to locate multifamily housing properties, single-family homes, commercial properties and more. Don’t let fear keep you from a solid investment in real estate.
Real Estate – A Proven Long-Term Investment
We know shifting market conditions feel scary. Stay calm! Real estate stands the test of time. Looking back over history, real estate stands strong as a solid investment.
In the short-term mortgage rates and home values can change. Yet, over the long-term real estate almost always recovers and gains value. However, right now the real estate market remains strong.
We Are Here to Help
The Rivera Group is here to help you with questions and concerns about your property or real estate needs. Whether you are a buyer, seller or investor, we prioritize our relationship with you.
During these uncertain times, we plan to continue to provide top service to our clients. Feel free to reach out. If you need help buying or selling your property, contact Delaware’s real estate experts at The Rivera Group. We are here for you!