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The Impact of the COVID-19 Outbreak on Housing Market | Drew Mortgage

The impact of Coronavirus is enormous in all business sectors. Finally, businesses are getting back into traction. However, the huge investment sector, housing is still surrounded by question mark on starting over at the same pace. In this presentation, Drew Mortgage, one of the leading Massachusetts mortgage companies, has listed out the concerns of Housing & Mortgage Companies. Read how the housing industry will heal from these unprecedented times.

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The Impact of the COVID-19 Outbreak on Housing Market | Drew Mortgage

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  1. Introduction 2020 is an unpredictable year. With Covid-19 spreading like a wildfire, the impact on health & finances will take at least months to recover. People are losing their jobs; the businesses have been hit hard. In such a scenario, there is a big question mark in front of the Housing Market. Drew Mortgage, mortgage lenders in Massachusetts, explains how Covid-19 impacted the house buying behavior.

  2. Inflation Triggered? • When you take a home loan, the amount gets divided into Down Payment & Loan Amount. • The common practice of 20% down payment and 80% is now vanishing. • You can opt for the lowest 3%* of the total amount as a down payment. • Do savings for the down payment before buying home. • Don’t wait till you sign the property papers. Save in advance.

  3. Resuming Under Process Buying? • Things were tricky for people under the buying process pre-coronavirus. • The majority of the people have either quit the deal or put on hold. • People are not keen to invest in high involvement commodities. • However, it is a location-specific scenario and not the entire USA. • In Massachusetts, the housing purchase is subtle. • People are investing in single-family homes more.

  4. Real Estate Trends? • Search trends for real estate and mortgage-related terms dropped. • People are searching for Real Estate online by 30-40% less than usual. • People’s interest in property buying is relatively low. • It will take some time to get back into action with the new normal precautions.

  5. Is Government Helping? • The Federal Government is helping its citizens economically. • It implemented a foreclosure moratorium. • It also directed Mortgage companies to reduce payments. • Mortgage companies have reduced FHA payments. • Foreclosure moratorium is risky for financial institutions. • The chances of defaulters and bankruptcy cases are more.

  6. Conclusion • Coronavirus has severely impacted the housing sector. • The buying behavior will restore to its normal within months. • The moratorium may increase the difficulties for lenders in the future. • If you can afford home buying, go for it right now. • Time is relatively good if you want a property at month back price. • Drew Mortgage, a Massachusetts mortgage company, can help. • Connect us to discuss your mortgage approvals; we are open for you!

  7. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road, Shrewsbury, MA 01545 Phone: (508) 753-1656 Peabody Mortgage Lenders Boston Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 232 Commercial St.Boston, MA 02109 Phone : (978) 750-1080 Phone : (617) 523-3060

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