The beginning of 2020 debuted with news of a pandemic threatening the world’s population. As the coronavirus outbreak continues to unfold, economic activity is being slowed down while uncertainty looms over many sectors. The real estate market is one of the areas not immune to the crisis, facing new challenges as the situation evolves.
At the beginning of the year, the real estate industry was off to a good start, despite limited inventory and affordability issues. Low interest rates fueled both existing home sales and new home sales in January, marking the second month of year-over-year increased activity.
However, the coronavirus hit just in time for the spring season which was supposed to be the peak time for house hunting and selling. In the midst of the crisis, there may be some reluctance to buy or sell until the crisis is contained, but as of now the real estate business is still running and people’s need to move has not entirely changed.
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