How will coronavirus affect the housing market?

[JK]

The stock market has already been impacted by the coronavirus and mortgage rates have dropped significantly. I'm just curious people's thoughts as to what extent this will affect the housing market? Specifically...

-How low will mortgage rates go?
-Will housing prices go down due to fear/panic or go instead go up as people can get access to better mortgage rates? Will this be different for homes in the 300-500k range, the 500k-1million range and 1million+ range?
-Will there be fewer houses on the market due to concerns that people can't afford any more change in their lives (such as moving) or will there be more houses (if people can no longer afford their homes due to job loss or morbidly, if a lot of people die from this virus)?
-Will the spring housing "hot market" gets postponed...and if so, for how long? Will the summer months become the new spring season?

[Jack_Sparrow]

I predict half the people will go crazy and think the world is ending. I think the other half will try to jump in an swoop up a nice deal from panic selling. I think most people will hold off on selling their homes on the market creating a glut which will drive up housing prices, which people can now afford more house.

[Peds]

As long as everything slightly crumbles we will be happy as trying to buy a house in the next 12 months.

[Doc Spouse]

Good question, and one that's been weighing on me and my wife. We're planning on putting our house on the market in May; so I'll be able to give an real world update soon.

[Jaqen Haghar MD]

As someone who recently bought a house, I now fully expect housing prices to go to $0 shortly.

[Tim]

•Don’t try to time the stock market
•Don’t try to time the interest rate
•Don’t try to time the housing market
Buy what you need and can comfortably afford.
Carryon. Good luck house hunting.

[ENT Doc]

I think the Spring housing rush is an interesting question/point. I'm not sure how jazzed I'd be about random people coming in and out of my house or having open houses for dozens to walk through. No thanks.

[CordMcNally]

As someone who recently bought a house, I now fully expect housing prices to go to $0 shortly.

Don't you worry. I'll give you a standing offer of $1,000. You just let me know.

[Brains428]

I'm putting on my "this is fine" meme and building a house. Could be delayed by all the quarantines, stops on production of who knows what, etc etc. I'm more worried about securing a one time close construction loan to lock in a low rate.

[Jaqen Haghar MD]

Don't you worry. I'll give you a standing offer of $1,000. You just let me know.

... And the day I sell to you will mark the beginning of the biggest, fastest housing bull market in history.

[hightower]

I'm putting on my "this is fine" meme and building a house. Could be delayed by all the quarantines, stops on production of who knows what, etc etc. I'm more worried about securing a one time close construction loan to lock in a low rate.

That meme could be the official meme of 2020 and this whole pandemic situation, haha, nice find

[Cubicle]

Postulating:

Mortgage rates will decrease slightly from where they are now. They will not go to zero as some say (for obvious reasons). And I honestly do not think they will fall much below 3%. At some point, lenders have fixed costs that too low of an interest rate just cannot cover.

Housing prices will go down now, up later. I know I sound wishy washy but, now people are not looking. Prices will trend down as those who need to sell will lower prices. Later, when the panic passes, (summer, late summer, fall???), demand will rise, as will prices.

Spring selling will be delayed as mentioned above.

I do not think there will abundant supply of homes because I do not think there will be masses deaths from the virus. Some? Yes. Mass? No.

................. I admittedly have no knowledge about anything I just said. Just postulating.

[beastmode]

As someone who is actively looking to buy I can tell you that in the bay area homes are selling over list price with multiple offers. There is low supply and a lot of demand.

Mortgage rates have actually spiked up if you’ve been following closely.

If this is a forever home for you follow the advise of many others. Buy when you’re ready. The home you’re going to live and raise your family in isn’t an investment.

[East coast]

Just went under contract on a house and we definitely got a deal we would not have gotten 3 weeks ago and would have been laughed at 6 weeks ago. I’d estimate it at a full 10% off what it woulda reasonably been if the timing were different. Who knows, maybe I could get another 5% if we waited a few more months, but I doubt it. Greedy when others are fearful...as long as the numbers make sense otherwise. We’ll see in 10 years if it was a good timing decision or not!

[CordMcNally]

I think sellers are going to be a little more spooked about likely declining interest/housing values and will be more likely to accept lower offers.