Due to the coronavirus, there are predictions that sellers will lose a lot of their home value during the next few months. This means that sellers will likely have to accept below-market bids if they want to sell, a process that will probably continue for several months. There will be a national price decline, and sellers may have to accept bids that are not optimum for quite a while. Overall, the pandemic has hit the housing market hard.
Key Takeaways:
- Predictions show that sellers will lose a lot of value in their homes over the next few months.
- This means that the market overall is facing a downward trend right now.
- Home sellers will likely have to make concessions to sell in the near future.
“And while other observers have pointed to the sector’s remarkable resilience in terms of value, Capital Economics predicted a national price decline of 5% by July.”
