TUCSON, Ariz. (KOLD News 13) - The stock market dropped more than a 1,000 points amid worries about the novel coronavirus — concerns over the outbreak may impact the housing market, too.
Tucson real estate broker Karl Kretzel said fear over the virus, now called COVID-19, can make people skeptical of purchasing a home.
"People are hesitant to do anything when there is any uncertainty at all," he said.
Kretzel said now is the time for sellers to put their properties on the market because current standards allows them to price high.
"If you have an unwanted property, this is clearly the time to sell," he said.
Some sellers wait for the market to peak before selling their home, but Kretzel disagrees with this approach. He said, during the Great Recession, people made this mistake and an external factor such as COVID-19 can have a similar effect.
Buyers may find better deals if they hold off on purchasing a home.
“If you’re a buyer I think it’s a good idea to wait it out,” Kretzel said. “Whether it be the coronavirus or something else, I feel in six months to a year, you’re going to see the market soften.”
He said time will tell how much buyer confidence is infected by the virus.
The coronavirus and its accompanying travel restrictions have caused fewer Chinese investors to buy property in the U.S., he said.