We are all looking to put the pandemic behind us. But it has already left an impact on many industries across the world, even real estate.
Interest rates for real estate loans are at an all-time low, so people are still in the process of refinancing existing loans. But will these interest rates stay low? If so, you can expect to see more people refinance.
Did you know that in the month of March, the National Multifamily Housing Counsel recorded that only 12 percent of tenants paid rent? More and more Americans are filing for unemployment and struggling to pay their bills, including rent. Now is not the time for many people to be moving. Even with interest rates so low.
In fact, some banks are changing requirements to even get your hands on a home loan. Chase is requiring 20 percent down and with a credit score of 700. And we are expecting many banks and brokers to follow suit. Since the interest rate is so low, you would think more are looking to look into real estate, but some can’t even pay their current bills.
Not to mention the layoffs that are impacting the real estate business. Personal and commercial real estate! Quarter 2 is not good for 2020. We hope to bounce back, but it will take time to get anywhere close to where we were.
Virtual showings and virtual closings are a new norm, but will it continue after the pandemic? Everything is electronic due to the advancement in technology. This helps from the real estate industry from completely sinking. But expect this to not completely be the way everyone wants
to buy. Some want to actually go to the home and do everything hands-on.
When You Might Need Legal Help
Serving the greater Phoenix area, Murphy Cordier PLC is full of skilled and trustworthy attorneys that will assist in all things real estate law. If you need to work with an Arizona real estate attorney, Murphy Cordier PLC specializes in real estate law, assisting you and providing you legal guidance through all of the stages of a real estate transaction, including disputes. At MC Attorneys, you will be working closely with an experienced real estate attorney who works diligently and aggressively to win your case.