COVID-19 has significantly impacted all of our daily lives. From the constant outpouring of news articles about how to properly wash your hands, to a possible toilet paper shortage, you cannot go without a few hours in a day without hearing or seeing the word Coronavirus. There is no way that the Coronavirus will not change the way we look at sanitizing and staying healthy forever, but will it change the housing market?
Currently, COVID-19 has not impacted the housing market. However, it would be unwise to not watch it closely for changes that may come when it comes to supply and demand within the housing market and the expected market time. So far, one thing that has been affected by the Coronavirus has been the mortgage rates. They have now dropped to a record low and will most likely drop even further. This will increase demand and increase monthly mortgage savings for buyers. The virus could also turn buyers into fence sitters. Those who are worried about a potential recession and about the overall effect on the economy may think waiting to purchase is their best bet. But as of now, the US economy is holding strong.
The Coronavirus will inevidably affect the housing market to some extent, but not to the level that many fret about. We all know society tends to think about the worst-case scenario. Housing today is still a hot sellers market and demand for housing has not gone away. This doesn’t mean we will not see changes in the next few months but it is nothing to worry about right now. As we head into our spring market, which is the busiest time of the year, we will have to continue to watch the market to see any real noticeable changes.