The coronavirus has not only affected the real estate market but it’s also had an effect on the way people are buying, selling, and featuring homes for sale.
As of April 2020, the real estate market has been hit hard. Some statistics include:
- Just over 4 million homeowners have requested forbearance since March 31
- Just over 2.3 million homeowners have received mortgage payment forbearance since March 31
- The number of people who have received forbearance is three times what it was in April 2019
Does this mean that it’s all bad news? Not necessarily. There are still opportunities in the housing market. For example, many real estate agents are transitioning their business to online and virtual platforms, connecting with their clients through video conferencing and digital tools to help them buy and sell homes more efficiently.
Homes for Sale: Devastating Impact of Coronavirus
Due to the Coronavirus outbreak, many people have had to stay home. For some, that means working from home, for others, it may mean having more time to take care of their homes and gardens. And for yet others, it means finding ways to keep their kids entertained all day long.
In fact, the Coronavirus pandemic has affected everyone in some way—and the real estate market is no exception. Right now, it’s a new world out there—but that doesn’t mean you can’t still find a great new home!
Real estate agents experience challenges and opportunities as a result of the Coronavirus crisis. While they can’t meet with clients face-to-face or do open houses right now, they are getting creative with video tours and virtual consultations. They are finding new ways to help buyers find their dream homes as well as helping sellers sell their homes quickly and safely.
Coronavirus has Sent Shockwaves through the Real Estate Market.
As the virus spreads, home buyers are waiting before they make a serious decision to purchase a home. They’re worried about the impact of COVID-19 on the economy, and they’re concerned about their own financial security in the wake of job losses and uncertainty.
On top of that, government guidelines have made it more challenging to show homes.
As a result, there’s been a slowdown in the real estate market—good news if you’re looking to buy homes for sale in downtown Fredericksburg TX, but devastating if you’re trying to sell your house right now.
In response to coronavirus, many sellers are looking for ways to make their houses stand out. They’re investing more in virtual tours and other digital technologies that help them stay competitive in this market.
The Bottom Line
It’s been a rollercoaster of a year, but we’re finally starting to see some progress in the fight against COVID-19. As new vaccines roll out and restrictions ease up across the country, it seems like we might finally be able to start getting back to “normal.”
So what does that mean for you? Well, there’s good news and bad news. For buyers who have been waiting for prices to drop, those days might be over—but if you sell now, you should be able to get a pretty high price on your home. For sellers who want to list their homes right away, it’s going to be a bit harder—but sales prices will rise as soon as the market opens back up!