Kids furloughed from school, bars and restaurants closed, and people told to stay at home except for essential errands—the coronavirus pandemic has already upended life as most Americans know it. Now it's expected to turn the typically busy spring home-buying season on its head as well.
Despite the extremely low mortgage interest rates, the nation could be in for a rocky home-buying season. A recession triggered by COVID-19 appears to be on the way, and the stock market has plummeted, giving many buyers pause. There are also likely to be fewer homes on the market, longer closing times, and plenty of unanticipated delays in the coming weeks, say experts.
“I don’t think we’re going to have the spring boom that we have every year," says national real estate appraiser Jonathan Miller. "It’s reasonable to assume that people will shift from the drive to save money with lower rates ... [to protecting their] personal safety.”
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