{February 2020} Is the Coronavirus Affecting the Real Estate Market?

Just as the NYC real estate market starts to find its footing, the coronavirus hits. The data from February still shows an active trend that started late last year, fueled by record low rates and more reasonable home prices. When a new buyer wanted to go out and I did a sweep of the good listings for the neighborhood, many of them were gone. It was starting to feel like good inventory was running short again. Two short weeks later, the outlook seems murkier now. Not many, but we do have sellers suspending showings and buyers postponing search plans due to the virus fear. Will this be a temporary disruption, where things just go back to normal after the situation is under control? The question is how long this disruption will last. In China, it took 3 months to bring the outbreak under control. Let’s hope the hard-learned lessons from China can save the rest of the world some time in its fight against the virus.   

Will you choose an agent recommended by technology that has learned your likes? Or trust technology to do the house search for you? Here is a discussion about AI and real estate.