How Will A 2nd Coronavirus Wave Affect Real Estate

Q: How Will A 2nd Coronavirus Wave Affect Real Estate? Hector, Elizabeth, NJ

A: In the US, we are unfortunately still dealing with the 1st wave of the Coronavirus because our preparation and response thus far has been so bad compared to the rest of the developed world. Any spike in Coronavirus will reduce mobility which will ultimately have a negative effect at least in the short term on real estate. If and when there is a 2nd wave of Covid-19, the effect will depend on what time of the year a second wave occurs in each local real estate market. If a second wave occurs during the holidays when real estate activity tends to slow anyway it will have less of an overall impact than if that 2nd wave occurs in the Spring for example when buying activity is typically higher. Coronavirus mitigation will have a huge impact on the economy and real estate for the foreseeable future in each local market. Thanks for your question, Hector.

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