In this time of unprecedented real estate changes, many experts say we lack the historical data to help determine what this “pause” will actually lead to in the real estate market in the coming months.
The data that most are using comes from the month of March, which is limited at best and difficult to use for forecasting the future.
One of the problems that the residential housing market is facing is that the spring selling season is most likely lost this year; how soon the market returns to normal remains to be seen once the pandemic passes.
“Although virtual tours and live videos are an option for some buyers, the human element requires being physically present to see, walkthrough and even smell a home, which is usually a person’s largest purchase.”