How is the real estate market doing? Did it catch the virus? It would be a gross understatement to say we are living in uncertain times. With all of the fear and panic, how do we know where we actually stand? While most of America is stir-crazy at home, who is possibly going to see houses?
The data shows the real estate market produced statistics during March that match last year’s numbers. While there has been no major drawbacks at this time, experts also predict that the negative affects of the virus may come in 45-60 days and that those looking to buy or sell property should be patient as the market begins to stabilize.
So what can we expect? Well, there are people saying all kinds of things but the truth is, we are in unprecedented and vulnerable times. The market could continue to remain unscathed by the epidemic or we could see some damage in the coming weeks/months. At this point, we really have no way of knowing.
As we move forward, we recommend proceeding with caution. If you can wait, do. If you need to sell quickly, consider reaching out to a cash buyer so you don’t have to keep your house on the market for an extended period of time. Experts suggest, we likely won’t see an impact until we hit closer to 45-60 days out.