MAINE, USA — The 2008 recession had its roots in the housing market and real estate transactions came close to a halt in the ensuing year or so.
Now, COVID-19-related shutdowns have pushed the nation and Maine into another recession, but the housing market isn’t reacting in the same way at all.
Troy Wilkins of Benchmark Real Estate says lack of inventory is driving multiple offer situations and quick sales on many homes. Mortgage rates remain low which is encouraging buyers to turn out as well.
However, Wilkins warns that if a second downturn related to COVID-19 starts impacting more jobs the market will likely react with slower sales.
Watch the interview