How Will the Situation in Ukraine Affect the Housing Market?

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All eyes are on Ukraine, as we send heartfelt concern for her citizens and the fear they must be experiencing.  It is sometimes easy to NOT worry about a country you couldn’t find on a map first time around, and often, criminals love that.  It’s easy to be complacent about a place so far away.  Corrupt entities, including government officials use that little fact to their advantage.  As more information comes forth, we’re seeing some surprising things unfold before us, disturbing things that should be labeled as criminal.  Long story short, citizens of Ukraine are suffering and afraid, and we are connected to Ukraine, if not physically, then absolutely financially.  There are some who say money is the only thing that matters; I heartily disagree.

But because real estate is my current job, of course I look at Ukraine and what they face though that lens at least some of the time.  I have to stay on top of our market for the sake of my clients.  What you can expect are some of these things:

  1.  Interest rates will be affected.  They just slowed their roll and in fact backed down a bit. They could rocket back up once a solution is reached, if in fact one is.
  2. All of the stock market and investment dollars you had accumulated will shrink as the stock market responds to uncertainty.
  3. You or your military family member may be deployed.
  4. Prices of oil and gas will most likely increase as that was the plan before, and most certainly will be the case if Russian aggression doesn’t stop.  That means many less dollars for a house payment, or to qualify for a loan.
  5. And more depending on what happens.

My advice is to be in close contact with your lender, stay on top of your process, and watch those interest rates.  And…keep a close eye on your investments if they come into play in your home purchase.

I wish you all the best.  I’m Brenda Briggs with Coldwell Banker in Wake Forest NC.  Look me up; give me a call if I can help you.

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