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TJ Homes advice on economy and the housing markets during pandemic

Tammy Jo Budzynski, from TJ Homes of Keller Williams Real Estate, discusses the economy and housing market.

GRAND RAPIDS, Mich. — With the current state of our economy, it can be hard to know if now is a good time to buy or sell a home. Founder of TJ Homes, Tammy Jo Budzynski, breaks down the differences between today’s economy and the crash in 2008. 

Tammy Jo has had her hand on the pulse of the market for the last 19 years, but she has been watching many economist, one being the chief economist at the National Association of Realtors.

"May 2020 was very soft compared to 10 years ago," said Tammy Jo Budzynski. "We were at 3.9 million across the county."

This was due to March and Aprils lock down, according to economists, we are already in a recession, but this is much different than in 2009. 

It is different because retail spending is down, things are partly opened up. But home improvement sales are increasing, according to Tammy Jo. Homeowners are sitting on equity this time around, compared to the recession 10 years ago. 

Consumers overall, are feeling more comfortable with what is going on right now. 

Credit: TJ Homes

For those who are looking to sell their home, there is very low inventory still. This hasn't changed and there is a built up demand for homes. 

Believe it or not we still have not recovered in terms of homes that we should have and where prices would have been if we didn't have the recession 10 years ago. 

Since it is a good time for sellers right now, what about the buyers? Well, for buyers it is about locking in a LOW mortgage rates to beat inflation. With so much stimulus money going out, that inflation will start in the future. 

Buying a home now at 4% interest rate compared to 6% or 8% can be hundreds of dollars each month in your mortgage. 

Tammy Jo is entering her 20th year in housing market, she not only went through the last recession but thrived during it and learned how to navigate it. 

At TJ Homes, they're here to guide sellers and buyers with current data and knowledge. Whether buying or selling, TJ Homes has developed strategies for you to conquer in this market. 

Moving towards the future, Tammy Jo said her concerns are with Forbearance, and stimulus money running out. 

"People have money but it is tied up in their home...They can't refinance to get access to it, if they are unemployed," said Budzynski. "I see more and more homes coming on the market...More homes means more options and buyers will start to take control."

There is a lot of misinformation out there about the housing market, such as, if you sell a home for $300,000 and your neighbor sells theirs for $150,000, yours is now worth that price. This is not true. 

So you may be asking yourself, what should you do now?

At TJ Homes they're here for you. Health and safety is their number on priority and they are still helping clients buy and sell homes. 

TJ Homes understand the widespread impact of COVID-19, and they are here to help you in any way they can. Here's what TJ Homes is doing to make sure their clients accomplish their most important goals with minimal disruption.

  1. Making tech work for you
    • Online Offer presentation whether you’re a buyer, seller, or investor will take place virtually and can be signed using our online signature software
    • The TJ Homes Team is available to meet virtually using video conferencing whether you are a buyer, seller or investor for consultations.

  2. Safe showings
    • Due to the Governor’s stay at home order. Realtors are not allowed to physically show homes at this time.

  3. Virtual appointments
    • We at TJ homes will work with you to coordinate a virtual walk through of the home with the seller (if allowable) or will create virtual open houses on our listings and 3D tours through zillow for buyers to view homes that we represent.

To learn more about the economy and the housing market, you can visit tjhomes.com

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