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Coronavirus Hits The Real Estate Market, Scares Homebuyers And Sellers

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By Author: derick james
Total Articles: 17
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The real estate industry is walking on the tightrope situation because of the pandemic spread of COVID-19. Thinking how can it affect real estate with most of the deals done online? Yes, it affects the REIT reality in this spring season with harsh deaths and economic breakdowns. According to Bloomberg economics, the loss is estimated at $2.7 trillion on global output.
Impact of Corona
The deadly virus has caused a lot of interruptions in economic volatility and the supply chain.
We cannot deny the fact that the world's second-largest economy has reported 80,000 cases and 3,015 deaths. Looking at China's production and economy stammering, Americans worry about its impact on the real estate market.
According to experts’ home sales are likely to depress this spring. A survey by the National Association of Realtors shows that the number of sellers putting up their homes for sale on the market has reduced drastically.
Statistics to know
• On Feb 29, the first coronavirus death was confirmed in Seattle after which the home sales came down. The NAR survey shows that about one in seven agents reported that, the number of homes put up for sale in the market has declined.
• There are about 116 confirmed cases in Washington's King's county. The county was one among the busiest in the real estate market during the first two months of 2020 but now the impact of coronavirus has caused hesitation among home buyers.
• New York, the most populous city in the US has confirmed 62 cases which in turn has reduced the number of people visiting the town.
• Statistics show that the city had an average of 4.1 visitors per open house during the first weekend of March which is 14% down from the prior weekend's average of 4.77 and 27% down from February's last weekend.
• Early spring is one of the finest seasons for real estate in New York, but this year sellers are holding back their properties, the listings have barely increased by 2% when compared to last year’s 9%.
• As reported on the 16th of March, 3487 cases have been reported whereas 68 people are dead only in the USA.

Real estate is volatile
Yes, it is! And that’s what makes it a booming industry. But with this virus outbreak, the real estate industry is about to see a lot of upcoming drifts than ever before. In 2008, the real industry of the United States of America did face a recession and coronavirus spreading at this wheech may pull the foot down of the real estate industry.
But property owners who are infused with various technology strategies are helping buyers or investors to take a visual tour around their property to bid or even close the deals. Since the rates are sliding over, due to the outbreak, more clever investors try to close the deals in the lowest bids in the whole history of investment. The buyers who are interested to buy will keep on finding loopholes to buy the best no matter what virus stands in between!

More About the Author

Hi all, I am Derick James! I have a passion for writing articles about property tax and real estate. To know more about me, write to me @ derickjames784@gmail.com.

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