Will home sales go down due to corona virus impact on our economy? We are looking to buy a retirement home .

Original Post

Hi Cindy! Sorry I missed this question earlier.

I'm not an economist, but it's hard to imagine a swath of this economy that is profoundly impacted by this pandemic, especially one as large as real estate. 

It's probably going to be really hard to both buy or sell a home in the short term. Open houses are pretty much halted. Some agents are trying to shift to virtual tours, which may work if you're a real estate investor. But it's unlikely to be a good option when we're talking about something as important as your retirement home.

Also, a lot of real estate brokerages, as well as county clerk's offices have temporarily shuttered operations. It's likely that some signing options will move online, but given that your house hunting options are extremely limited right now, you're probably going to have to wait this out in the short term.

It's hard to imagine this not pushing down home sales and prices if people are out of work for a prolonged period. But unfortunately, we may be pretty early into this crisis, so it's way too soon to speculate about the long-term fallout.

to bid on. I personally have to see in person! But someone who flips homes
might be interested. Hoping this time will
bring prices down a little. Got me eyes on a small cute home for upcoming
retirement! I am going to check with realtor
to see if she will put me on her list to see home after corona virus is
over. The home has been completely remodeled after 15 years.Take care.

On Mon, Mar 23, 2020 at 9:34 AM The Penny Hoarder Community <
[email protected]> wrote:
Thank you so much for your quick response. Yes, it seems everything with
real estate is on hold for a while.
I can understand that. BEST wishes for good health and safety in this time.

On Mon, Mar 23, 2020 at 4:30 PM The Penny Hoarder Community <
[email protected]> wrote:

Add Reply

×
×
×
×
Link copied to your clipboard.
×