“The obvious side effect of COVID was that people would keep properties off the market. In the Pikes Peak region we saw a decrease on active listings of 12.4 percent for single
Stocks Are Down, But What About Housing?
Stocks took a beating this week. It could be the worst week in history. It is as bad or worse than in 2008. I am sure there are plenty of people watching it and getting very nervous. Every day we wake up to bad news. And that does begin to weigh on the average American. If people get nervous they stop spending money and that will lead to a recession.
That being said, the FED is already saying they may be looking at 3 interest rate drops in March. They refuse to let the economy fall and therefore I would expect a lot of money being pumped into the debt markets at QE(or whatever the latest catchphrase is) continues. Good economies do not require interest rate drops and/or printing of money in order to keep them going. So I think at this time I would watch the debt markets and what the FED is doing, not saying.
There is a good chance interest rates continue to fall creating even more free money. The Coronavirus continues to keep people on edge. There are just a lot of unknowns right now. But what we do know is housing continues to be in demand locally.
Let's see what we do as we move into next week and the full month of March.
I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....