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When Will the Market Return?

Dear Monica: My husband and I moved here in March thinking that we would rent in the short term and buy as soon as feasible. The shutdown has changed our timing and we wonder when the market will open again. Any thoughts on this? Nancy G.

Dear Nancy: Whenever the Shelter In Place order is lifted, you will see something of a return to a more normal market, but it won’t look like a market you have seen before. There will be more showings but restrictions will continue. Buyers and agents will have to wear masks if they are on a property together. There will not be open houses except by appointment and with all parties signing COVID-19 disclosure forms.
More sales will happen and it remains to be seen if prices are affected by the changes in the economy. There have been some sales during the SIP and prices so far have been stable. It’s good you are renting for a while though because no one knows how it will be in the months ahead.

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