Coronavirus lowers homebuyer interest

Buyers recently lost a big benefit, mortgage rates hit record lows two weeks ago but rose sharply back to January levels.

Some agents have cancelled open houses, others are sanitizing and greeting people with face masks and gloves. A very stark contrast from the cookies and milk of the old days.

In a quick survey this week the National Association of Realtors said 16% of realtors have seen a drop in buyer interest because of Coronavirus.

One in four sellers are now changing how their house is marketed. Online selling has seen a huge spike. Companies such as Redfin are now offering virtual showings.

I’m not sure what this means for house prices. Very scary times ahead but we could see some buying opportunities ahead.

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