Coronavirus Is Likely To Upend the Spring Home-Buy

Selling

 Coronavirus Is Likely To Upend the Spring Home-Buying Season—and Not Just in the Way You'd Expect
By Clare Trapasso | Mar 18, 2020  Realtor.com

 

This was shaping up to be a fairly competitive home-buying season, and that may not be the case" now, says realtor.com's chief economist, Danielle Hale. It doesn’t mean that we won’t still see sales. But I would expect fewer crowds at open houses. I would expect more shopping online.

Hale doesn't believe home prices will nosedive, as they did about a decade ago. That's because during the previous financial crisis, there were more homes available than there were buyers. Today, there is a severe housing shortage, and even now there are many more eager buyers than reasonably priced properties for sale.

It’s probably going to be very different in every market I would expect bigger impacts in areas that have seen the greatest numbers of the virus. People are more likely to stay home in those areas

In badly affected areas, sellers are beginning to pull their properties off the market. Others likely won't list their homes until the crisis wanes. At least one multiple listing service, based in the Seattle area, is no longer advertising open houses. And many buyers are canceling showings.

Do you want 20 people walking through your open house? 

Were not getting that here in Ocean City cause these are vacant second homes or investment properties. 

Other in-person services, such as home inspections and appraisals, could also cause delays in home buying. Some worried sellers, inspectors, and appraisers have canceled or delayed these services.

Still, buyers' interest won't be going away, they are online all day. 

The uncertainty doesn’t change people’s long-term desire to own a second home home,They may not be brave enough to jump in and submit an offer now, given all the uncertainty. But they’ll still be looking. Call me today to discuss when will be a good time to list 443-333-6310

 
Clare Trapasso is the senior news editor of realtor.com and an adjunct journalism professor at St. John's University. She previously wrote for a Financial Times publication, the New York Daily News, and the