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Virus abruptly reshaping Gilbert housing market

Posted by   /  April 2, 2020  /  No Comments

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By Paul Maryniak | Gilbert Sun News

The abrupt economic downtown created by the COVID-19 pandemic is doing something to Gilbert’s housing market that hasn’t occurred for months – driving up the inventory of homes for sale.

But with unemployment rising in the wake of the coronavirus, that likely won’t be great news from anyone’s standpoint as sellers may not find as strong an appetite to buy a home as there had been only a matter of weeks ago.

Fears of close physical contact with strangers shared by sellers and buyers – combined with potential buyers’ concerns for their own financial health – are throwing water, at least for a while, on what had been one of the nation’s hottest housing markets, experts say.

The abruptness of the reversal in the market’s fortunes has been as stunning as that of the overall economic downtown, one expert noted.

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