CORPUS CHRISTI, Texas — The economic climate now is a lot different than it was just last month. Many different industries are affected by COVID-19, but what about housing?
Many realtors are still out there working. Could this be a good time to buy a house?
Lately it's been a constant rollercoaster when it comes to the stock market and what the economy is doing in response to the coronavirus.
"Demand drops and this is a very good time to buy a home," said Dr. Jim Lee, economics professor at Texas A&M University-Corpus Christi. "It may hurt the housing market because there is always cycle. That means it never goes flat for more than 10 years. I do expect this housing market locally, it's going to cool off and it may drop by maybe 10-percent at least."
Lee said right now is actually a good time to buy a home considering two factors: 1.) we are nearing the end of a peak in homebuying, and 2.) the coronavirus could be slowing down people's willingness to spend their cash, thus making the negotiating a bit easier for a buyer.
"Mortgage rates are the lowest in our lifetime and now you have a lot of bargaining power," Lee said.
One local realtor also agrees that now is a still a popular time for homebuyers.
"I still think our housing market's very strong," realtor Dodee Hill said. "People are still showing homes, most sellers are still wanting their houses shown."
Hill said she does, however, fear if a shelter-in-place is ordered for Nueces County, because that could affect the local housing industry.
"That will put a lot of holds on things," Hill said. "People still have to sell their homes because they're being transferred. People are still coming in buying homes because they're getting new jobs. People still have houses under contract. So if we have a shelter-in-place, it's really going to tie our hands on what we can do for our clients."
Both Hill and Lee said they hope things can get back to normal as soon as possible.
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