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Many industries have gone by the wayside in the wake of the coronavirus. Real estate is not one of them.
“Anecdotally, talking with real estate agents, there is no letup,” said Accunet Mortgage President Brian Wickert on Tuesday’s WTMJ Cares Town Hall.
“90 percent of people are still working. They’re still out there looking for homes aggressively.”
Wickert believes the current market, one month after coronavirus truly led to a partial shutdown of industry and double-digit unemployment, is still a buyer’s market – but there are new things to consider if you want to buy.
“Say you’re a home shopper and you’ve got your pre-approval letter…the world is shifting under your feet,” said Wickert, citing one example of changes lenders are instituting for people who want to buy a home.
“One of the biggest lenders in the country, Chase, over the weekend announced that effective today, you have to have 20 percent down and have a 750 FICO score.”