How the COVID-19 pandemic affects the real estate market

Coronavirus

LONDON ? JUNE 10: A For Sale sign is seen outside a house on June 10, 2005 in London, England. Towards the end of 2004, the most hawkish forecasters were contemplating a fall in prices of up to 7% this year, but there have been few signs of prices falling off a cliff, with data instead showing a market largely in stagnation. Stable interest rates, steady economic growth and underlying confidence in future prospects are expected to limit any price falls, experts say. (Photo by Graeme Robertson/Getty Images) *** Local Caption ***

(WGHP/CNN) — During these social distancing times, buying and selling a home can be difficult, but it can be done under the right circumstances.

In a Q&A article from the Washington Post, the real estate market has slowed down due to an increase in unemployment rates, and buyers and sellers are concerned about how the pandemic will affect their move. According to reports from Market Watch and Fannie Mae, home sales are likely to decline by 15% this year. However, sales have not come to a complete stop.

It is still possible for people to buy and sell their homes while adhering to the COVID-19 safety guidelines. In an interview with CNN, managing broker and owner of Wright Real Estate Terrence Wright says he brings disinfecting wipes and gloves when meeting with clients. Agencies are also pushing for live video chats and virtual tours. Wright also says it is important for potential buyers to be aware of their “financial situation and job security. “

If you are looking to buy or sell a home, it is best to contact a real estate professional in your area to be sure of your decisions.


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