Spring is often recognized as the best time of year to sell your home. With the winter quickly drawing to a close, many homebuyers and sellers across the country are questioning their real estate plans this spring due to COVID-19, commonly referred to as coronavirus.
To mitigate the risk of spreading infection, a wide variety of preventative measures are now being taken across the United States. This includes the cancellation of classes, concerts, and sporting events, as well as rearranging vacation plans. As media attention on the virus continues to circulate, many people are buying an excess of cleaning products, hand sanitizers, and face masks to protect themselves. With growing uncertainty surrounding this global pandemic, people are quickly preparing for the worst.
As we continue to learn about this new virus, it is understandable that many homebuyers are concerned about the current state of the housing market. After seeing the negative impacts of the virus on the stock market, many people are wondering if the housing market will take a massive hit as well.
In addition to the uncertainty surrounding the spread of the virus, no one knows with certainty how these events will impact the housing market over the next several months. With multiple factors at play, including the onset of flu season, it can be difficult to predict how long this virus will present a threat to public health, both within the U.S and around the world.
Home interest rates are now historically low. As a result, it would require a major drop in demand to shift the outlook of the housing market as we move closer to the buying season. While coronavirus may stand to alter the housing market over upcoming months, employment and wage increases continue to support a strong position for the U.S housing market in 2020.
