Here are the variables to watch that will determine how coronavirus impacts real estate down the road.
Before the coronavirus hit, the percentage of agents characterizing their market as favoring sellers was already trending smaller as the year went on. In the first quarter of 2019, over 58% of agents said the market favored sellers. By the last quarter of 2019, that number was down to 48%. However, just before the virus hit, a poll of agents in February 2020 showed a whopping 77% of them classified the market as a seller’s market.
Of course, all that has changed now that the country has essentially shut down as we wait for the coronavirus to run its course.
Whether or not the market switches from a sellers’ market to a buyers’ market in the long term will likely be “based on the region,” says Anthony Sacco, an experienced real estate agent in Rehoboth Beach, Delaware, who also has a background in finance.