Housing Market Performance in Face of COVID-19 Depends on Where You Live< < Back to
NORTH CANTON, Ohio – The coronavirus pandemic is having an effect on real estate, but its severity largely depends on where you live and what kind of real estate is on the market.
Craig Howells, a realtor in the Columbus area, said the effects of the virus aren’t as bad as people anticipated.
“The market has changed a little, but not as significantly as people might have thought,” he said. “We’re down about ten percent across the board. That’s ten percent lower listings, fewer houses going into contract and fewer closings.”
Despite the mild downturn in the housing market, real estate overall has taken quite a blow. Entertainment businesses, restaurants and bars have all seen limited or zero business because of COVID-19, with some being forced to close completely.
As for the impact on the housing market it’s location, location, location with results varying regionally. Those states relying on tourism are expected to suffer more than those that don’t.
As for those who work in the business of real estate, battling the effects of the coronavirus has been unexpected.
“Our offices are closed, so agents aren’t going into the office to work,” Howells said. “The process of showing houses is different. I showed houses yesterday and there were gloves at the front door. People are being more careful about going onto properties.”
Howell said he is uncertain how real estate will be changed in the future – even after the pandemic is controlled.
“I think at this point it’s too early to tell,” he said. “There is certainly a financial impact on the United States and how it’ll spill over and effect closings and people buying and selling homes.”