How the coronavirus is changing the real estate market in Palm Beach County
Welcome to the reality of selling a home in the era of the coronavirus. Anxieties abound, not only about catching the virus that causes COVID-19, but also the volatile stock market, the shaky economy, and general fears of a coming recession—all of which could plunge the U.S. real estate market into a forced hibernation right when it's supposed to leap into overdrive this summer.
While Florida state may be coronavirus ground zero with the number of cases, and the highest levels of infection in the U.S., the panic is being felt nationwide by real estate agents who've noticed a drop-off in the number of home buyers and sellers willing to mingle and make a deal.
The coronavirus is leading to fewer home buyers searching in the real estate marketplace and the stock market crash is no doubt raising economic anxieties.
Ironically, this downturn comes at a time when buying a home is more affordable than ever. Just last week, Freddie Mac reported that interest rates hit a near 50-year low, at 3% for a 30-year fix-rated mortgage.
The dramatic fall in interest rates may induce some potential buyers to take advantage of the better affordability conditions and they will keep looking to buy a home.
However, the home sales will drop by around 10%, compared to 2019, due to the spread of coronavirus.
Has COVID-19 changed your plans to sell your home in Palm Beach County?
If the current coronavirus crisis has made you rethink selling your home, you may think again. Homesellers Realty agents has experience help sellers and buyers in previous recession and they educated and experienced to help you too. The private and complimentary appointment is available via phone call, Zoom or in person.