Impact of Coronavirus on housing market?

M

mhanism

New member
Hi all - so it's been a tough week both in the media and stock market with the Coronavirus scare. Just curious on impact on the housing market, if any.
 
mhan. currently out on a lunch date with Ms. Panda. i do have some insight on this and will share my thoughts when i have a moment. We are headed for Costco next to stock up.
 
Salient. And I guess the lower cost of borrowing offsets the drop in market or "fear factor" in terms of consumer confidence.
 
mhanism said:
Hi all - so it's been a tough week both in the media and stock market with the Coronavirus scare. Just curious on impact on the housing market, if any.
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Are you asking about Irvine market or the entire US housing?
 
Both?

We're about to list our home for sale in the Bay Area (Fremont) and curious how corona may impact our sale along with how it's impacting the Irvine market - which is where we're moving to.
 
I see. Irvine market is pretty good so far for homes under $1.3m. $600k-900k would probably be the most selling ones now. I don't see any impact from the coronavirus, but of course we don't know what's ahead from here. If you're looking for homes over $1.5m, I think there are lots of the newly built ones you can negotiate the price and the upgrades with as those are not selling as well/quick as sub-$1m homes.

From what I see, homes in Eastwood, Stonegate, and Cypress Village are going pretty fast overall while other villages may have a little bit of more remaining unsold homes. Also if you're looking for a true SFR, houses from Westpark I are going super quick. Probably because of their good location and the low HOA/MR fees. Westpark II homes have slightly higher fees though. Anyways, good luck with your listing. Hope you get a good turnout.
 
Hard to say what the syches of the potential home buyers would be with a big headline that bombard us everyday as of lately about this deadly virus. It sppoked the equipties market for sure and everything seem to drop like flies. Will this kills the housing market like it is doing to stocks, I don't think so since rates keep on ratching down, and those crashes from equiptites people now pushing it into cash or short tem bonds until the direction is more clear of what this virus will do. In the mean time it further proof that people are staying liquid.

Its these times that I would totally take advantage of the rates and lockup and zero in on those properties if I have intentions of purchases within the next 6 months. Provided that I do have plans A and plan B in place with contingencies that I have enough reserve.  All this point to at least stable housing.
 
Some people may look at housing as a more stable investment versus being in equities, similar to the time when we had the tech bubble popping back in the early 2000s when the stock market was crashing while home values went up.
 
If COVID-19 is contained before summer, I'd expect more buyers in the summer as they delayed buying in the spring. As long as rates stay low (I think they will), prices will keep going up (steadily).
 
Agent Joe said:
If COVID-19 is contained before summer, I'd expect more buyers in the summer as they delayed buying in the spring. As long as rates stay low (I think they will), prices will keep going up (steadily).
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Right now it is survival mode.
 
For some reason I see a lot of new listings and homes going pending recently.  The super low interest rates are really getting people off the sidelines.
 
Quite possible. However, with the concerns of economic slowdown tied to the virus situation, some people may become more cautious with big purchases like a home, especially with super high prices in Irvine. It's probably a unique / interesting time we are in right now and something without  much of a close  precedence.
 
Just bumping this thread to see more recent anecdotes or trends, if any, as the coronavirus fears and number of cases continue to rise.

My sense is there?s been some % of buyers holding off on purchases and another % of buyers eager to jump in due to the lower rates.
 
mhanism said:
Just bumping this thread to see more recent anecdotes or trends, if any, as the coronavirus fears and number of cases continue to rise.

My sense is there?s been some % of buyers holding off on purchases and another % of buyers eager to jump in due to the lower rates.
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So....no impact then?
 
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