In times of economic downturn, the behavior of buyers and sellers can change drastically. Lower interest rates usually seem like a positive for buyers, but the fear of unemployment has led to a dramatic decrease in US Existing Home Sales in the past couple of months. According to ycharts.com, February 29th saw US Existing Home Sales at 5.76 million. This number fell to 5.27 million by the end of March and was followed by a 17.84% decrease to 4.33 million by the end of April.
The behavior of home sellers is also impacting the market. House prices are falling, making it less desirable for them to sell since they want to maximize the value of their property. Many are postponing and reevaluating their plans to sell their homes. You can help combat this trend in behavior by reaching out to buyers and sellers in your farm. You can let them know what you are doing to support local businesses and the community, as well as remind them that you are here to help them now and when this eventually ends.