By Terrance Thornton | Daily Independent
Although it is too early to tell how the global pandemic of 2020 will impact the United States housing market — Valley housing experts are no more certain than others — but Arizona real estate experts contend heading into uncertain financial waters the Phoenix metropolitan housing market is well-positioned to weather the storm.
“It is very early in this process,” said Mark Stapp, executive director at The Center for Real Estate Theory and Practice at the W.P. Carey School of Business at Arizona State University.
“Only in the last two weeks has there been any data to show any profound effect. You are starting to see Escrows cancel — We have about 30 days to see how this is going to play out here. The reality here is it is going to have profound impacts. It will pull things up short for quite a while. How long this lasts and the financial ramification and how the federal government deals with it will play a major role.”
