One economist is predicting a halt to the housing market as a result of the novel coronavirus taking hold in the U.S.
Canceled open houses and orders to stay at home are major contributors to the lack of people viewing properties for sale. This, coupled with a growing fear of economic instability, is causing potential buyers to pause their home search.
As of March 23rd, the U.S. government and many banks are offering mortgage payment relief.
The good news is that despite a pause in the housing market, real estate is expected to retain its value.
“Home prices I think are just kinda gonna get frozen into place. And then once the public health crisis is over, the housing market can kind of restart,” said Kapfidze.