The Effects of Coronavirus to Real Estate Industry

Real Estate Broker/Owner with Arizona Resource Realty BR518926000

By the time of writing this blog, the global cases of Coronavirus have already reached at least 113, 85. This is based on the figures released by the World Health Organization. The global deaths, on the other hand, is already at 4, 015. The Coronavirus, which is also known as COVID-19, is currently affecting to over 115 countries. This situation not only affecting the health and lives of many people. The world of business is also changing because of this. Some companies already stop operating. Almost all business events are cancelled. A massive threat to the global economy.

One of the industries that are affected by this situation is real estate. What are the effects of Coronavirus to the current housing market?

  • Because buyers stop going to open for inspections and auctions, it could derail sales.
  • It could stop the global supply chains. A lot of country’s building supplies are imported from Asia. A longer-term threat to building projects.
  • Continued travel bans will result in more prolonged vacancies for landlords in the suburbs. It is an additional danger to the housing market.

These are just a glimpse of the effect of Coronavirus to the property market. If the situation will worsen, but I hope it will not, there is a lot more danger in the global economy. A recession in the marketplace will result in rising unemployment.

Even with all of this threat, we can still see the light. There’s always a positive side of everything. History showed that although markets do take a fall during an outbreak, they will quickly bounce back relatively once the issue is resolved. There’s still a big chance for recovery for markets including the real estate industry.

Let’s hope for a better result. Let’s pray together and let’s help each other. No matter what industry we’re in, unity for the betterment of everyone is what we all aim. Keep safe everyone!

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Re-Blogged 1 time:

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  1. Joseph Doohan 03/12/2020 05:30 AM
Just for Fun
real estate
effects of coronavirus to housing market

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Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & OC Laguna Nigel

The virus will have a negative impact for the start of the peak selling a buying season but should subside around the end of June.

Mar 11, 2020 08:10 PM #1
Aaron Robertson
Authority Property Management - Redding, CA
We Make Renting Simple.

I believe it will have a negative impact on our area for sure. We operate a property management company in Redding, CA. and are already seeing many people leave California for a whole host of reasons.  This will likely add additional pressure to the market and cause investors to slow down buying and hold off for some time. 

Mar 11, 2020 08:17 PM #2
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Tamra. This is something that affects all of us directly or indirectly. Take care!

Mar 12, 2020 03:46 AM #3
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

If there is a silver lining more of my out of state investors from the west coast are buying with coming to Oklahoma. This is again a time for those who have cash to take advantage of a bad situation.

Mar 12, 2020 05:56 AM #4
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Tamra Lee Ulmer very good report for the effects of Corona virus to real estate industry.

Mar 12, 2020 01:34 PM #5
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Tamra Lee Ulmer

FORCE~NRBA ~ Over 1000 REO Assets SOLD!
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