COVID-19 Impact on Scottsdale Real Estate Market

The COVID-19 pandemic has caused turmoil throughout the world. I hope everyone stays home and stays safe during this unprecedented time. Our team is following CDC guidelines and working remotely for the foreseeable future. We are continuing to help clients while complying with safe social-distancing recommendations.

The Scottsdale real estate market has slowed down considerably. Most buyers are waiting to see how this turmoil will affect prices. Many sellers have taken their homes temporarily off the market because they don’t want anyone to bring the virus into their home. Those homes that remain on the market may or may not be allowing showings. Strange times indeed.

Many buyers have reached out to me about how this will affect them. Will prices drop? Should I wait to buy? Can I even get a mortgage? There are many variables and unknowns currently. I am sure real estate sales will decline for the next 3 months or more. The competition will be down and prices will soften. I don’t, however, expect any dramatic price declines, in parallel to the stock market. I think most sellers will simply wait on the sidelines.

Stay strong, we are here to help in any way that we can. Best wishes to you and your family for good health.