Unfortunately, like other parts of the country, Dayton’s real estate market has slowed due to the current COVID-19 pandemic. This is generally the time of the year when you begin to see the greatest buying power in the market. However, this is not the case for spring 2020.
Agents are struggling to even offer open houses, and people are somewhat reluctant to view houses online. This spring selling season is undoubted, unprecedented. Even when an agent does manage to get a homeowner to agree to an open house, they often have to cancel due to a lack of interest.
Houses are still selling, there is a tight inventory in the city, sellers, buyers, and agents are doing all they can to avoid becoming infected when visiting open houses. One local realtor said that they are still in a seller’s market since they have such a limited amount of inventory. However, they are still managing transactions.
The declining home showings, listings being withdrawn, and fallen deals when someone losses his or her job are evidenced by the real estate slowdown and the current economic downturn. One Dayton agent admits that they had two transactions canceled because the buyer was laid off. This is something that no one can predict. There is a ripple effect because if the buyer is unable to purchase the house and the seller may be under contract for another house. This makes it difficult for both parties, especially the seller because they are now on the hook for two homes.
More than 10 million people nationally have filed for unemployment, which included more than 468,000 Ohioans. Miami, Preble, and Greene counties had the largest increase in unemployment claims in Ohio, according to a recent analysis by Policy Matters Ohio.
Real estate agent, Heather Zimmaro of Coldwell Banker Heritage stated that regardless of the economy; people still need to sell and buy due to his or her circumstance. However, people may be apprehensive about signing a new mortgage because they fear what may happen in the future. She admits that the idea of losing their job is what is at the forefront of their minds. Zimmaro has an optimistic view of the future real estate market. She believes that it is just a pause rather than an imploding. She believes that things will be much better once we get through to the other side.
At this point, it’s anybody’s guess as to how the market will rebound, nationally and in Dayton. However, as long as people need to sell their homes and someone needs to buy a new home, you can be sure that local realtors will diligently try to appease the needs of the local market. This is not the time to give in or give up. When the market does begin to do better, at least they will be ready, if they continue putting in the work now. There is always tomorrow.