2020 started just like any previous year. Seller are slow after the Holidays, so it is a typical 1st quarter with lower inventory, then the summer wave of sellers and buyers browsing, shopping for their home during the summer.

With the uncertainty of the COVID-19 epidemic globally, there has been nothing but fear of an economy crash. I and other realtors are facing the same questions from all the buyers and the sellers – Are we going to have a crash like the 2008 housing market crash?!?

No ones has a crystal ball, and I surely have been wrong in the past. But the impact of our real estate future will be much different than the market crash in 2008. The housing supply has remain consistently low since the bounced back in 2010. compare to the same time in 2008, where there were +10,000 of homes available to sell. We are at 10% of housing inventory compare to the crash in 2008.

Residential Real Estate has been declared to be part of the Essential Services workforce. Realtors including myself are suffering economically. Just remember, we all need a place to Shelter-In-Place. We can’t not open-houses, but we definitely can show homes virtually, review Disclosures, Inspection Reports, and Review Offers online. Keep in my all related Real Estate Services, Lenders, Escrows, County Recording System are open to serve you. Don’t forget all the video conferencing tools, that are wonderful to utilize.

The major problem in 2008 was not due to any world events or epidemic, but it was due to the mortgage loans problem including: Option-ARM, 0% Down Payment programs. buyers were allow to buy homes with zero money, paying Negative-Amortization loan. It was cheaper then renting!

A shout out to all the people, especially our front line medical workers, for keeping our country moving. I am hopeful and praying for everyone’s well-being. Let’s fight this COVID-19 by practicing the safety guideline recommended. With the Fed cutting interest rate to 0% again, it may actually be the best time for those that have not been able to purchase in recent year. Let’s keep America going. We are all in this together, and together we will survive and come out fine. #BeStrong #BeSafe #nocovid

I am personally practicing all the safety measures as we all are trying to get through this together.

• Frequently wash your hands with soap and water for at least 20 seconds. When soap and running water are unavailable, use an alcohol-based hand rub with at least 60% alcohol. Always wash hands that are visibly soiled.
• Avoid touching your eyes, nose, or mouth with unwashed hands.
• Avoid close contact with people who are sick.

Thank you for reading.

Nick Pham | 408.425.5304 | DRE 01365281 | Broker | Residential | Commercial | Mortgage | Private Lending