Impact of Coronavirus On Spring Housing Market Pittsburgh-PA
Pittsburgh, Pennsylvania — The beginning stages of coronavirus are in full effect and the springtime housing market in Pittsburgh is sure to be affected to some degree. With the coronavirus quickly spreading across western Pennsylvania it’s unclear just how big of an affect the Coronavirus On Spring Housing Market.
As the COVID-19 (coronavirus) testing capabilities increase, more and more people are being diagnosed in Pittsburgh and the entire United States. Pennsylvania’s Governor Wolf announced closure of Pennsylvania schools on the March 13th, 2020, proceeded by him ordering that restaurants, bars to close dine-in service in several counties, including Allegheny. In addition, the stock markets have encountered large fluctuations and at the start of last week experiencing the largest crash since 1987. As a National State of emergency was declared, home mortgage rates began to increase after previously being at an all-time low. Therefore, many Pittsburgh property investors started to show concerns for the first time in a long time.
Real Estate Professionals Concerns About Coronavirus
Local Pittsburgh real-estate professionals believe the effects of COVID-19 (coronavirus) have not yet been experienced, mainly because the virus hasn’t run its complete course yet. In addition, many Pittsburgh homeowners are still highly concerned about their family’s wellbeing and selling their house is their last concern at this moment. Finally, home sale data from the first few months of the years suggested a strong spring Pittsburgh real estate market, but with several things changing the spring busy season is like to see some impact.
Pittsburgh Home Sellers React
After the spreading of the COVID-19 (coronavirus) nearly 1 in 4 home sellers nationwide are changing how their home is shown to buyers reported by The National Association of Realtors. Many property sellers are stopping open houses and requiring interested buyers to sanitize theirs and take other precautionary measures to prevent their property’s from being infected. According to National Association of Realtors survey of over 2, 500 members that took place on March 9th & 10th 2020.
Speaking with local Pittsburgh real estate experts, they are more worried about the reaction from potential property buyers than they from sellers. But, it’s too early to tell since we are in the infant stages of the virus. Pittsburgh property sellers are concerned that buyers could be waiting on making purchasing decisions and they don’t want their homes on the market to long losing value.
Some Pittsburgh Home Buyers Are still interested
At this stage, Pittsburgh real-estate professionals don’t seem to believe coronavirus will halt interest from home buyers. Also, nearly 16% of National Association of Realtors survey takers said coronavirus has led to decreased or significantly decreased interest from buyers, but 78% said they had not seen any change in buyer interest. And lower mortgage rates are a more important factor to home buyers than what’s happening with the stock market, according to data collected by National Association of Realtors.
Cash For Homes Pittsburgh Is Still Highly Interested
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