Homebuying in the Age of the Coronavirus
Overall, the coronavirus’ impact on the housing market could be summed up in two words: disruptive and disappointing. From a turn toward digital tools to a dip in buyer activity, similar themes are popping up in housing markets across the country. But the virus is not affecting all housing markets exactly the same, and the real picture is more complicated than looking at national numbers alone. Find out how top cities such as Los Angeles, Boston, and New York City are faring as they navigate shelter-at-home orders and different timelines for the pandemic’s peak.
The novel coronavirus pandemic has resulted in a seismic shift in daily life across the U.S. But even faced with stay-at-home orders, some of which may last for months, Americans are still looking for, buying, and moving to new places.
For some, the pandemic interrupted a planned homebuying search, while others who didn’t expect to be in the market for a new home are now moving because they’ve lost a job or need to care for a family member who lives elsewhere.
Buying a home right now is made more daunting by a volatile stock market, historic unemployment, and fears of a widespread recession. Buyers who were hoping to enter the market this spring—traditionally the busiest season—are wondering what homebuying will look like later in the month, as spring turns to summer, or even in the next year. Factor in the logistics of making the biggest purchase of your life while maintaining strict social-distancing practices, and the process seems downright impossible.