In the beginning of the coronavirus’ spread in the United States, the housing market remained relatively stable. But now as we approach the third month since the first confirmed case, the housing market is showing definite signs of strain. Homes that remain listed may not be dropping much in price, but some sellers are pulling properties off the market, according to Realtor.com. Renters are struggling to make their monthly payments. And if buyers must move due to a new job, the homebuying process is riddled with delays in the appraisal and financial processes. The ray of hope among it all? Experts do believe there will be a rebound once the country’s economy stabilizes.
The coronavirus crisis has ravaged not only the nation's economy, driving down the stock market and pushing roughly 16 million people into unemployment, but its psyche as well. And the housing market has not escaped unscathed.
With more Americans out of work and worried about the security of their jobs in addition to their health, home buyer interest has fallen sharply, according to 90% of Realtors® surveyed in the National Association of Realtors Flash Survey: Economic Pulse. About 6,000 real estate professionals participated in the survey, which was conducted from April 5 to April 6.
Roughly 45% of respondents said buyer interest had plunged by more than half. Just 2% said they had seen an increase in eager buyers.