The coronavirus (COVID-19) is making an impact on the real estate market. Many home buyers are watching and wondering, is this a good time to buy? Or should I wait?
According to the President Donald Trump press conference on Monday afternoon (3/16/2020), the outbreak of the coronavirus, could last until July or August.
Thereby, some experts are saying that home buyers might want to wait before buying a house; to gain more certainty on how their financial situation will be affected. Given the evolving impact to the economy, jobs in a number of sectors, due to closures, may be impacted.
However, the drop in mortgage rates makes it an enticing time to buy. But, with the stock market fluctuations, talk of recession, and job losses, even if temporary, experts agree that most people just don’t know how to proceed. There is lots of uncertainty.
Throughout the U.S., many Realtors, real estate agents, and brokers are cancelling open houses, requiring potential buyers to wash their hands before touring houses, and in some cases showing homes digitally.
So thus far, the conversations from experts is to wait and see. Also, they expect the conversation surround housing and the coronavirus to be entirely different by next week; and is likely to keep changing.
Additionally, the outlook for recovery is bright and everyone expects the housing market to get back to normal levels.