Coronavirus is a serious matter. People are getting sick and many people are dying. The result of this pandemic is far reaching. Professional sports leagues are closing, schools are shutting down, and our global economy is at risk.
It's been a rollercoaster ride for our financial markets. The stock market has lost trillions of dollars in value. The stock market has been so wild, The Federal Reserved injected $1.5 trillion into short term money markets to create more stability.
Mortgage rates dropped significantly too. We have dueling forces. Mortgage rates are low, but we have a fearful buyer pool. Low mortgage rates should incentivize buyers. However, with ongoing hysteria, it's hard to determine if low rates are enough to re-stimulate Oahu's housing market.
Savvy buyers are taking advantage of the situation. I have a few first time homebuyers who are actively looking. Oahu real estate is expensive. However, you don't have to be a multimillionaire to purchase your first home. Although housing inventory is usually low, smart buyers can make strategic moves since there could be less competition (other buyers are staying home).
It'll be interesting to see how things play out.
-Roda