During the last few weeks we have seen a major health crisis spread throughout the world, leading to a pause in the U.S. economy as businesses and consumers work to slow the spread of the coronavirus. It also has consumers remembering the economic slowdown of 2008 that was caused by a housing crash. This economic slowdown, however, is very different from 2008.
One thing the experts are saying is that while we’ll see a swift decline in economic activity in the second quarter, we’ll begin a sharp rebound in the second half of this year.
According to John Burns Consulting:
“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices), and some very cutting-edge search engine analysis by our Information Management team showed the current slowdown is playing out similarly thus far.”
Given this situation, if you’re thinking about buying a home this year, the best thing you can do RIGHT NOW is use this time to get pre-qualified for a mortgage. Being pre-qualified will help you better understand how much you can afford so that you can gain a competitive advantage and accelerate the homebuying process when you are ready.
The best part is that you can do this from the comfort of your own home using our Simple Mortgage application. Let’s connect today to get the process started. http://www.wvmb.com