April 6 Update: COVID-19's Effect on the PA Housing Market

April 6 Update: COVID-19's Effect on the PA Housing Market

Since my last COVID-19 post on March 29, we’ve seen more Pennsylvania sellers change their listing status from “Active” to “Temporarily Off the Market.” As the graphic above indicates, home showings in PA fell dramatically in mid-March and remain very low, as more residents and businesses heed the governor’s orders.

The governor ordered all non-life-sustaining businesses to close their physical offices on March 19. Four days later, he issued a stay-at-home order for several local counties, including Bucks, Montgomery, and Chester Counties, and later extended that order to all counties in the state.

In addition to “Temporarily Off the Market” status changes, PA is seeing a decrease in new listings coming onto the market as more sellers decide not to allow buyers into their homes. Buyers generally still want to tour a home in person before making the decision to buy, but many are deciding now is not the time and are waiting until conditions improve.

Recently, some sales have fallen through because buyers lost their jobs and could no longer qualify for their mortgage. This will continue to be a risk as long as job losses persist.

None of us knows when the housing market will get back to normal. Let's do everything we can to be safe until then.

Data from BrightMLS as of 4/6/20.

Read more of Annette’s real estate articles for the latest real estate advice.

For more information on the real estate market, contact Annette Nelson at (610) 247-7892 or annette@preferredhomes.com

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