Most of you have heard about the Coronavirus, also known as COVID-19. This disease is taking the country by storm, and how is it impacting the housing market?
Sales have are slowing as the country shuts down to give this virus time to run its course, without spreading any farther. People are more focused on this than their desire for another, or a new home. This means it’s a good time to buy, but probably not as good for sellers. Sellers who need to sell are lowering their price to sell. With business shutting down, and people being laid off, this can also affect their ability to get a mortgage. Also we can expect delays in the process of doing inspections, obtaining a mortgage, and closing the sale of the home. This is due to companies closing their doors, or having limited contact with the public in order to protect all parties involved.
Hopefully in the days and months to come, the market will get to a more normal state of operations, but until then, we must all work together with patients, and love for one another to defeat this disease.
If you have any questions, contact your RE/MAX Select Professional, who can get your questions answered.
