Homeowners and Buyers Are Fleeing the Housing Market
The comments below are an edited and abridged synopsis of an article by Valuewalk
We’re three months into a pandemic lockdown, and the real estate industry is frozen in place.
It’s a strange and unprecedented crisis—the fundamentals are unchanged, but both supply and demand basically evaporated overnight as sellers pulled their listings and cash-strapped buyers hunkered down. The most important questions are, how long will this market freeze last, and will there be lasting effects after the pandemic lockdown is lifted.
A new study by Clever Real Estate surveyed sellers, buyers, and renters to get a sense of their feelings regarding buying and selling in the future, and how their finances are doing as the lockdown drags on. Their findings suggest that, even if the lockdowns are lifted soon, the financial and psychological damage wrought by the pandemic might take a lot longer to heal.
Up for discussion: from bad to worse; what are the big picture implications; and the forbearance problem with the real estate industry.