It's hard to imagine that a virus alleged to have originated in animals in China could possibly affect real estate in the United States; but hold on to your hats - it already has.
In recent weeks (March, 2020), the stock market has lost thousands of points, travel bans are canceling vacations, and warehouse-style stores are running out of bottled water like a hurricane is on the radar! And while the number of people affected in the United States is incredibly low compared to the overall population (or even compared to the numbers affected by influenza), the countries that are highly affected are the reason we're going to begin seeing some possible changes in the housing markets.
The stock market losing value obviously has a huge impact on people's trust in the economy. Using the stock market as a barometer, we should be prepared for a change on the horizon.
Building/housing materials created or shipped through countries currently at greatest risk for Corona Virus are going to be delayed. Think of things like appliances and lumber that are coming from around the world; precautions to ensure viruses aren't spread will most certainly slow down their shipping time.
On the other hand, home interest rates are dropping even more because of the uncertainty surrounding a pandemic. That's keeping the housing economy alive and kicking as of today.
Oh, and the election could change everything, and what will happen during hurricane season? There are so many factors that affect real estate and/or a possible recession that at this point, it's hard to say that Corona Virus will be to blame. But it has certainly shown that it could make a dent in things, so your Round Table Realty agents are monitoring the situation daily to ensure our clients have the best and most up to date information. Find a Realtor you trust implicitly who has relationships built with lenders that are monitoring the situation. You can (and should) trust experts to help you determine if this is the best time to buy or sell, especially as the world is bracing for what might or might not be a downward economic trend!