The housing market operates on a longer timescale than toilet paper.
Person decides they want to buy a house, saves up, talks to a loan agent, gets approval, starts looking in their price range, (the smart ones) spend up to a year getting to know the market and find a good deal.
People who were approved before the virus, have only been slowed down in their ability to look for a house, and maybe thinking twice about getting that mortgage just yet. The number of people looking for and getting approval may have fallen significantly, but it hasn't had enough time to impact the market. Expect three to six months from now the houses sitting will start dropping in price, but ONLY if we don't get back to work and have a major boom in jobs. If recovery happens, or is happening, three months from now, expect little more than a low dip in newly listed homes.
No one who has a house listed right now wants it to drop in price, and would rather keep it listed until things are back to normal. Only a desperate or a fool will start dropping prices now, when the purchasing market is already depleted and
If it's such a disaster then why is the housing market STILL such an overinflated ripoff?
Runwaway immigration
Prices are high but nobody's buying.
I know right
The housing market operates on a longer timescale than toilet paper.
Person decides they want to buy a house, saves up, talks to a loan agent, gets approval, starts looking in their price range, (the smart ones) spend up to a year getting to know the market and find a good deal.
People who were approved before the virus, have only been slowed down in their ability to look for a house, and maybe thinking twice about getting that mortgage just yet. The number of people looking for and getting approval may have fallen significantly, but it hasn't had enough time to impact the market. Expect three to six months from now the houses sitting will start dropping in price, but ONLY if we don't get back to work and have a major boom in jobs. If recovery happens, or is happening, three months from now, expect little more than a low dip in newly listed homes.
No one who has a house listed right now wants it to drop in price, and would rather keep it listed until things are back to normal. Only a desperate or a fool will start dropping prices now, when the purchasing market is already depleted and
Thanks for the thoughtful reply