4 Ways Coronavirus Could Impact Housing Long-Term

National Association of REALTORS | March 31, 2020

4 Ways Coronavirus Could Impact Housing Long-Term
The COVID-19 outbreak will undoubtedly have a long-lasting influence on Americans and the housing market moving forward. Housing analysts are already weighing in on what those changes could be.Geographic mobility generally declines during downturns, when a lack of job opportunities catalyze fewer long-distance moves across market or housing upgrades,” the report notes. Evictions and foreclosure moratoriums will also help slow mobility. But housing analysts are predicting a spike in moves once the COVID-19 outbreak eases. “Many upgrade and downgrade moves will be postponed rather than canceled, creating a reshuffling of households throughout the recovery,” researchers note. The future wave will include those relocating for jobs, moves to be closer to family, and young adults forming their own households. Also, those who still hurt financially even after the pandemic lessens likely will need to move too. Affordable rentals and homes for sale were already in short supply prior to the pandemic. “Fewer people moving means fewer homes available,” the report notes. “With both pandemic and policy keeping people in place, affordable units will become even more rare through the 2020 peak season.” Luxury apartment inventory, on the other hand, may be abundant. 

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Did you know that at the average tax rate, real estate deductions helped tax payers save roughly $100 billion in 2012?Below are a few other real estate-related tidbits from NAR’s Research division to enjoy this Tax Day.

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Spotlight

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