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How the Coronavirus is Impacting Real Estate

We are living in a time of unknown questions and answers as the Coronavirus continues to spread around the world; should I work from home? Should I cancel dinner with my friends? Should I continue to sell my home? Or, should I buy a home right now?

While stocks are crashing, businesses are temporarily closing and schools are shutting down, the housing market hasn’t taken a huge hit quite yet, even though it’s predicted to happen soon. Surprisingly, now might even be a good time to buy or sell your home. 

If you’re buying a property, you may have lower interest and mortgage rates to take advantage of. Homeowners who are looking to sell their home fast in the midst of this pandemic may even lower their set price. Home prices are predicted to increase in 2020, even after COVOID-19 passes. 

If you’re selling your home, err on the side of caution. Make viewers remove shoes or put on shoe booties upon entering and make them wash their hands or use hand sanitizer when they walk in and leave as well. Don’t be afraid to ask anyone if they have fevers or coughs, and shoo them away if they do or if you think they may, especially if you have children, elderly, or immune-compromised people living in your home. You can even cancel open houses if you please. It’s still your home! 

At the end of the day, it’s important to respect people’s choices when it comes to buying and selling their home at this time. Use safe hygiene practices always and remember not to panic! Buying or selling your home is stressful no matter what, but the health of yourself and others is the most important factor.