Spring is typically the housing market’s busiest season. Mostly, that’s because warmer weather and the chance for families to move and get settled in between school years makes it an opportune time to pack up and start somewhere new. This year, though, the coronavirus, social distancing, and stay-at-home orders have disrupted the start of the spring selling season. So what happens to all those potential buyers and sellers with plans to enter the market this spring? Well, according to Lawrence Yun, the National Association of Realtors’ chief economist, they’re more likely to put their plans on hold than to cancel them. “We are in uncertain times, but I do think that people who are staying at home right now, once the all-clear signal is given, will be going back into the market,” Yun told Housing Wire. In short, the housing market got off to a strong start this year and those buyers and sellers who were ready to make a move will still be ready once things return to normal. The combination of a market well positioned to weather the storm and a high level of pent-up demand means we can reasonably expect spring sales will be delayed till later in the year rather than canceled altogether. (source)
