While the coronavirus has proven to be somewhat of a help to prospective homebuyers and mortgage lenders, it could also impact home sales in a different way. A USA Today report reveals that the growing concerns about the spread of COVID-19 have caused sellers to rethink hosting open houses.
The report also disclosed that some buyers are looking to ensure that their jobs and savings are intact, barring a larger scale economic impact. "'We are looking to buy, but (COVID) 19 has definitely caused us to pause,' says Rob Austin, a manager at a California biotechnology company, who says he and his wife are putting the brakes on their year-long hunt for a house," according to USA Today.
"The economic uncertainty trumps the lower rates by the Fed on a 30-year mortgage," Austin explained.
Financial experts like Mark Hamrick, senior economic analyst for Bankrate, believe that there could be concern over a scenario where the economy is hurt by the threat of the coronavirus. Meanwhile, Austin told USA Today that while attending a recent open house, he and his wife felt uncomfortable, opting not to shake hands or touch doorknobs.
To learn more about how the coronavirus could affect the buying season and open houses, click here.