Will the housing market crash because of the Coronavirus?

I’ve been getting calls/emails/texts/messages from plenty of home buyers and home sellers all asking pretty much the same question – Will the housing market crash because of the coronavirus?? 

From everything that I’ve read and heard and truly believe myself, the answer is no. Pre-coronavirus, the housing market was in desperate need of more home sellers and more new construction homes for sale. THAT IS STILL AN ISSUE! There’s such a lack in housing inventory and I believe this virus and all the shut downs and distancing yourself socially will only lead to even less houses for sale. Low supply and large demand. 

From some of the shut downs, there will be some home buyers that will not qualify for loans anymore, whether it’s due to layoffs, pay cuts, less hours working.. whatever the case is, but you will still have such low supply. Only now with possibly less demand. 

I don’t see how this will effect housing prices. However, I do see how this may effect home sale volume. Of course, all this will play out in greater detail within the next couple of weeks (hopefully not months but…). 

Stay safe home buyers and home sellers!

Worried about selling your home with the coronavirus? Contact Elysian Realty and speak to one of our agents! Let’s chat, we will see if this is a good opportunity for you.