REAL ESTATE: You Can Still Buy and Sell a Home

But you’ll have to jump through some hoops to close the deal.

- DANIEL BORTZ

SPRING IS USUALLY THE BUSIEST TIME OF year for real estate. It’s when house hunters and home sellers come out of hibernation mode and descend on the market in droves. But this year— in the era of COVID-19—is different.

The coronavirus outbreak has rocked the economy and upended many industries, including real estate. As Americans across the country are sheltering at home, many home buyers are left wondering: Should I buy a home now, or wait until quarantine measures loosen and the economy picks up again? The same goes for sellers wondering when they should list their home.

The real estate market is still active; most states have deemed the real estate industry an essential business. But the market is slowing. In March, 5.3 million existing homes were sold (down 8.5% from February), and 627,000 new homes were sold (a 15.4% decrease). And in an April survey of real estate agents by the National Association of Realtors (NAR), 90% of agents reported a decline in home buyer interest because of corona virus fears. In addition, 80% said they saw fewer houses on the market.

“We’ve seen some buyers put the brakes on their house search because they’ve lost income or because their financial situation has changed,” says Megan Aitken, a real estate agent in Middletown, Del. “We’ve also seen a number of sellers choosing to postpone putting their house on the market because they don’t want to risk increased exposure to the coronavirus.”