Coronavirus and appraisals

[Michael King]

I had the appraiser at my home today as part of the refinance from 4.375% to 3.0%. He said a ton of people are refinancing right now. I asked the question if valuations are heading downhill yet, he said not that he was aware. 

I'm taking bets on how far values will drop, and what kind of time frame do you think? 10% in 6 months?

[John Warren]

@Michael King so far real estate values have not taken a hit here in the Chicago market. In fact, the opposite is true currently. There has been no movement at all since the pandemic hit. Real estate values are not tied to the stock market, and the fed keeps lowering interest rates which I think allows the real estate party to continue. I think this could still be a good delayed spring market once this pandemic is past us.