Market Trends April 2020 – Coronavirus Impact on our Real Estate Markets
The spring market will slow as buyer sentiment drops due to the coronavirus spread. When spring is the most active time in real estate, buyers and sellers are cautious about listing their home or entering the market with so much uncertainty. Real estate agents and even loan officers are turning to the alternative to continue any new and active transactions. Virtual and 3D tours saw a spike as social-distancing mandates stricken.
Commercial, vacation rental, and investment real estate all suffer a decline. Working from home has become the new normal, tourism and travel has come to a halt. Investors question the volatile market e find more security in real estate investments.
Building sentiment is down after record highs. Construction starts drop as well. The good news is that construction can still continue, as 90 percent of single-family home building and 80 percent of apartment building takes place in ‘essential’ states.
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