Every business is taking hits from COVID-19 shutdowns, especially the real estate market. Currently, people are staying put, saving up, and making sure they are as prepared as they can be for what is to come.
So, since people are being forced to stay home, less people are working, so their income is virtually non-existent. Therefore, the economy suffers, and consequently, a steady decline in property sales have become prevalent.
As 'The Dad Podcast' host, Justin Worsham, told us today, before all this happened, the real estate market allowed sellers to have a lot more control on the offers they would accept. Now, the tables have turned - if the sellers aren't seeing the offers they want, they aren't selling. However, there are sellers that are desperate to sell, but due to circumstances, buyers are not jumping to invest.
In other words, we are in crazy times and it is uncertain what the future holds. However, if you can buy a home and need to buy, rest assured you can! The process can be done virtually until quarantines are lifted. Just like everyone else, the real estate market is figuring out how to operate differently, yet effectively and efficiently.