Will COVID-19 Affect the Housing Market?

There is a lot of speculation as to what may happen to the housing market in the wake of the COVID-19 pandemic. After the 2008 recession, it is easy to imagine a similar scenario where housing prices drop drastically and properties sell for a fraction of what they were valued at prior to the recession. However, there is a major difference between the 2008 recession and the potential recession caused by coronavirus, as explained in a recent Curbed article — the 2008 recession was caused by the collapse of the housing market, whereas coronavirus is causing many markets to essentially freeze until further notice. So, what can we expect to happen? Ultimately, we agree with the author’s main conclusion - it’s too soon to tell what the effects of COVID-19 will be on the housing market, but click here to read through a few scenarios you may find yourself in if there is a recession.