Current real estate market

[Ian Rowland]

What does everyone think about the housing market right now? Would it make more sense to wait it out before buying anything to see how the housing prices changes?

[John Warren]

@Ian Rowland most of the other real estate professionals I have spoken with have told me that prices are unlikely to drop. In fact, the 2008 recession was one of the only ones where they dropped substantially. Although this is a challenging time economically, from the real estate end of things you have low inventory and low interest rates. I personally don't see prices going down, although it may be easier to negotiate as a buyer due to the fear going around. I recently was able to get a duplex in La Grange under contract for a buyer when the previous contract fell apart. There were 19 offers before the stay at home order, and afterwards there were still 11 offers!