The Coronavirus Pandemic has made a serious blow to most economy branches in the USA and globally speaking and the Housing Market is no exception.
Reports show that in the second half of March, house sales are significantly dropping and are currently pending.
Moreover, the sales have dropped by over 30% in comparison to sales in March last season.
Currently, a great number of sellers are putting on hold listing their properties. So, the Housing market suffered a drop in homes listed as well.
Sudden Drop in March sales
As we know March has started as expected for a regular season and the sales in the first half of March were similar to previous years.
Unfortunately, from 21 March the house listings have been put on pending and the sales have sufficiently slow down.
Experts believe that this drop is caused by precaution and safety measures of the selling and buying sides. Caused by the fighting against coronavirus is still far from over.
Housing Market has a Response
As steps have already been taken to prevent social gatherings and small groups of people in the same space. Most of the real estate agencies are now offering solutions for the situation.
As of recently, customers will now be able to go through virtual house tours. And in that manner, partially preserve the housing market activities.
As much as this will help people be active in the housing market. There is no doubt that this month could have gone much better for the market if it weren’t for coronavirus.
Reports indicate that as much as the number of houses listed for sale was low even before the pandemic. The number of potential buyers was high enough.
It comes without question that now even internet searches of the housing market have significantly dropped. And, making it difficult for the activities to continue regularly.
Understandably, people are worried about their health in a situation like this. So, most of the market participants are delaying their activities until it is known how much the pandemic will last.
In case that internet searches continue to drop in the same manner. We will probably have one of the greatest drops in the housing market in the last 20 years.