As mentioned last week, the pandemic is having a strong negative effect on the real estate market. The National Association of Realtors reports that contract signings fell 16.3 percent this year as compared with March 2019.
Of course, social distancing means that in-person home showings are currently not practical and virtual tours are now the norm. Moreover, 43 percent of buyers are suing e-closings.
Currently, home prices remain stable and some analysts predict a modest 1.3 percent increase when 2020 is said and done. Many also believe that the high-end market will see a reduction in home prices.