Real estate agent says there's a silver lining for homebuyers amidst the coronavirus outbreak

SCOTTSDALE, Ariz. - Despite economic fears surrounding the COVID-19 coronavirus outbreak, many experts say there is a silver lining, especially for those who own a home or are looking to buy.

"It is an unbelievable time for people to save money," said Jason Mitchell, CEO of Jason Mitchell Real Estate Company.

Mitchell says right now, interest rates are at the lowest level they have ever seen.

"We are at an unprecedented time where we can see rates at 2%," said Mitchell.

Much of the fear of the coronavirus has, in turn, led to the low rates. Mitchell says many local homebuyers are taking advantage.

"Right now, what I tell people is even if you don’t get your first or second home, you make the offer and stay the course because rental rates are extremely high," said Mitchell.

Mitchell, however, says there are things to look out for. He says people should extend the typical closing period from 30-45 days to 45-60 days, because during this kind of environment, banks are becoming inundated with processing.

In all, Mitchell says it is a historic time, and he is reminding people to take advantage of it.

“This low, it’s just crazy," said Mitchell.

Mitchell says the market is almost too aggressive, in the sense that so many people want to buy, and there aren’t enough homes. He says for that reason, people should capitalize on the interest rates and don’t necessarily look for their dream home right now.

Additional Resources

What is coronavirus?

From how it spreads to where it originated, here's a look at everything you need to know about the deadly contagion.

LIVE MAP: This is where there are confirmed coronavirus cases in the US and around the world

FULL COVERAGE: fox10phoenix.com/coronavirus

Coronavirus (COVID-19) - How it spreads, symptoms, prevention, treatment, FAQ

https://www.cdc.gov/coronavirus

Arizona COVID-19 Response - Public resources, FAQ, webinars

https://www.azdhs.gov/coronavirus

In order to protect yourself from a possible infection, the CDC recommends:

Avoid close contact with people who are sick.

Avoid touching your eyes, nose, and mouth.

Stay home when you are sick.

Cover your cough or sneeze with a tissue, then throw the tissue in the trash.

Clean and disinfect frequently touched objects and surfaces using a regular household cleaning spray or wipe.

Wash your hands often with soap and water for at least 20 seconds, especially after going to the bathroom; before eating; and after blowing your nose, coughing, or sneezing.