LAKE CHARLES, La. (KPLC) - With concerns around the Coronavirus impacting the stock market — how will the housing market fare in Southwest Louisiana?
Reports that say buyers and sellers could see an unstable housing market after concerns loom around the virus are what Debbie Link, president of the SWLA Association of Realtors, said will cause unnecessary paranoia in our area.
“It’s just pure speculation. We haven’t had anything like this in my lifetime effect it," Link said.
Right now, Link says business in Southwest Louisiana is doing just fine.
“We’re at a 3.3 interest rate on a 30 year loan which is fantastic. In Southwest Louisiana, people are building homes and buying houses. It has not put a damper on our market," Link said.
In fact, she said in the past two months, they’ve seen an increase in home sales.
“In January, like I said, for existing home sales, we’re way up. For new home sales thirty percent. So the outlook for this year so far has been great," Link said.
While it’s impossible to predict the future, she said they’re taking it one day at a time.
“I just don’t see it currently affecting anything. You know, we’re not afraid of what could happen yet. I mean we have no reason to be. If you look at everything I read. It’s what if this happens or what could possibly happen,'" Link said. "We havent even heard it from the agents coming from their clients. It just has not infiltrated our market as far as fear.”
Link said thirty percent of the product home builders need come from China. In that regard, she said concerns have caused a slow down for builders who need those products.