How coronavirus is affecting Central Pennsylvania home buyers and sellers

Despite these unprecedented times, you may still need to buy or sell a home.
There are a variety of opportunities in the Central Pennsylvania real estate market for both buyers and sellers.
If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

I want to give you a balanced update on the Central Pennsylvania real estate situation.

Of course, there's the elephant in the room:

The coronavirus pandemic has had a massive effect on the entire economy and that includes the real estate market.

The recent volatility in the stock market is causing additional trouble.

Perhaps most importantly, there is uncertainty about the future as the coronavirus situation plays out day by day.

That's the bad news.

The good news is that we are collectively beginning to adapt to this unprecedented situation in some encouraging ways.

In fact, some buyers are eager to buy now more than ever. That might sound surprising, but it's simple economics.

The 30-year fixed mortgage rate recently hit 3.29%, the lowest on record since tracking started almost 50 years ago. This kind of low mortgage rate can take tens of thousands of dollars off the effective price of a property, once interest payments are factored into the equation.

The massive government stimulus package has given many people hope that the economic impact of the coronavirus will be contained. 

Finally, once we emerge from this situation, there are reasons for optimism.

Unlike previous drops in home sales, like during the subprime mortgage crisis, this is not expected to last nearly as long. Demand for housing was especially strong before the coronavirus hit, and much of this demand is still there.

What is undeniable is that we are in a unique situation, and rules are changing each day.

If I can help you in any way — whether with real estate advice or anything else — give me a call at (717) 695-3177. If the current situation is showing us anything, it's that we need to work to help each other however we can, and I want you to know I'm here for you.