The coronavirus has altered America in ways people have never seen before: Entire school systems have closed with no end date in sight, restaurants are going to carry-out only, and family members must virtually visit the sick and elderly to prevent high-risk demographics from contracting the virus. Even the housing industry is changing as it shifts to virtual showings and braces for the hit to the spring buying season. But for now, 70 percent of homebuyers say that the stock market volatility has not yet impacted their ability to afford a down payment, according to a Redfin survey in early March. Most buyers affected are those looking in the luxury market and those who planned to sell stocks to afford a home.
For 70% of homebuyers, the recent volatility in the stock market due to the novel coronavirus had not impacted their ability to afford a down payment in early March, according to a survey of more than 1,000 Redfin customers who plan to buy and/or sell a home in the next 12 months. While 17% of respondents were unsure of the impacts, 13% of respondents said the stock market volatility had impacted their ability to afford a down payment. The consumer survey was fielded March 9 to March 11, before the plunge into bear market territory on March 12. When the markets closed on March 11, the day Redfin’s survey closed, the Dow Jones Index was at 23,632. It had dropped more than 3,400 points by the close of the market on March 16. Redfin will continue to provide the latest data regarding how consumers are responding to the coronavirus and economic uncertainty.