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It’s not a question of if the coronavirus will affect Realtors and their businesses, but when, and to what extent. Coronavirus hysteria, or simple interest or concern) is everywhere. You can’t look anywhere online without seeing mention of the coronavirus, and you can’t visit any grocery store without seeing people hoarding bottled water and toilet paper… if they even had any in stock. There are plenty of medical professionals, including the Surgeon General of the United States, who think the hysteria and fear is way overblown at this point, but nonetheless, being prepared is always prudent.

This week, we’re talking about the economic effects the coronavirus will likely have on the housing market, and real estate agents’ businesses specifically. 

More than just talking about it, we’re discussing specific things Realtors can do to prevent taking a big hit to their business, and even some ways to take a big step forward while many of our Realtor competitors are pulling back and spending less on marketing. 

As we’ve seen these last few days, mortgage interest  rates have dropped to their lowest levels EVER. We’re seeing mortgage rates that start with a 2. But this isn’t all good for Realtors and Mortgage loan officers. 

I believe that we’re about to enter the toughest time to buy a home, possibly ever. The always competitive spring market is just starting, at a time when buyers will be coming out of the woodworks to buy while interest rates are so low. At the same time, many sellers who do not need to sell will choose not to, either out of coronavirus worries about strangers in their homes, but also the new attractiveness of refinancing at historically low rates.

Realtors, prepare for crazy times ahead. 

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