Since my last blog, the Covid-19 situation has hit the fan. It’s an unprecedented time with a lot of unknowns for the future.
It’s difficult to not get caught up in the fear.
As a homeowner, you may be wondering how this will all play out. Having been in this business for over 20 years, I am a believer that we are going to be okay no matter how things turn out.
If there is anything I have come to realize is that life begins at the end of our comfort zones. When I graduated from college, the early 90’s the United States was in a recession. Next, I was a casualty of the Dot.com bust in the 2000. After that, the recession of 2008 came along with the real estate crash. This resulted in key reforms that helped make the industry stronger.
Recessions typically have minimal impact on the housing market.
Housing is an essential need. Today, rates are still low and there is still low inventory. Though, this may lead to delayed purchasing with some home owners. If Asia is an indicator, we saw that housing prices remained stable even as demand declined. These kinds of factors along with a diverse economy may be what help the Austin-area and other similar key metro areas weather this situation with more stability according to analysis compiled by ATTOM Data Solutions.
Mortgage lending is an essential business.
Therefore we remain business as usual almost! Many of our employees can work from home via a highly secure online access. Additionally, I am proud to say that at PrimeLending, a mortgage company backed by a strong bank, Plains Capital, we are here and prepared to stay on course. We still are able to provide FHA, VA, Jumbo and Bond Loans and more. We are concerned about enhancing your safety during the Covid-19 shelter-in-place environment. Therefore, we have easily pivoted to providing virtual mortgage consulting, processing and funding for our clients and will continue to do so as necessary.
Additionally, we give thanks for those who continually work on the frontlines during this Covid-19 epidemic to ensure that we all receive the vital support whether it’s healthcare or groceries that we need.
The overall impact will likely take months to unfold.
Though the pandemic is a new experience for many of us, the pandemic is not all that economically unusual. There have been wars, plagues, depressions and recessions. The one significant difference is that we as a world have ALL been impacted. To quote Dr. Martin Luther King, Jr., “All men are caught in an inescapable network of mutuality.” We will all get through it together.