If you are buying, selling or looking for a home, you are not alone in having questions right now. Or in being a little shaken up.
Restrictions to movement, a plunging financial market and uncertainty about future income, all because of the coronavirus pandemic, have upended plans to buy and sell homes overnight. Real estate activity has slowed considerably as buyers, sellers and agents try to figure out the path forward.
Properties are still going into contract, but few new listings are coming on to the market, said Katerina Wilkerson, a real estate agent at Keeton and Company in Richmond, Virginia.
"People are nervous," said Wilkerson. "They don't want to put offers in. What do these rate cuts mean? People who were going to sell are wondering whether they should."
Buyers she's working with were set to close on a home this week, but the house they are selling is not scheduled to close until next week. "They are asking, what if we can't close next week?" she said. "They need that money. They can't be stuck with two mortgages."