The Coronavirus has wreaked havoc across the globe, and we are all trying to work through this new way of self-distancing life.
Here in Maryland, Governor Hogan has required all non-essential businesses to close as of 5pm March 23, 2020. Parts of a real estate transaction in Maryland are considered essential, but some of the transaction process is in a grey area.
I wrote a post about COVID-19 and the Baltimore real estate market on March 18, and things have changed even since then.
What remains is the unknown of what the virus and the economic effects will be down the road.
CNBC posted a piece noting that new analysis from Capital Economics shows that they expect there could potentially be a drop of 35% in home sales across the US this Spring compared to the last quarter of 2019.
The hope is that this dip will be short-lived, with the thought that as the demand for homes was strong before this pandemic, after restrictions are lifted and people can return to work, that demand will hopefully return by the end of 2020.
As I said in my last post, please know that COVID-19 and the real estate market in general are both very fluid situations, and what may be in place at the time of this post (March 24, 2020) may change and may do so rapidly.
Please feel free to reach out to me about Baltimore real estate. I am happy to share what I know or understand and help you ready for the future of buying or selling a Towson home!