Breaking News
More () »

Local housing market changes amid COVID-19 pandemic

Mortgage rates are at record lows but analysts believe that won't prevent a big drop in the U.S. housing market.

SHAKER HEIGHTS, Ohio — Mortgage rates are at record lows but analysts believe that won't prevent a big drop in the U.S. housing market.

According to an article in CNBC.com, “homes sales could fall by 35% annually this spring, compared with the last quarter of 2019, according to new analysis by Capital Economics.”

Howard Hanna Realtor, Cathy LeSueur says despite COVID-19 and the stay at home order she and her team are busy right now.

“I do think there will be a downside but I don’t think it’s going to be to that degree,” she says.  “Especially in our market being so closely tied to the universities and the hospitals, I don’t see that kind of downward trend here.”

Director at Akron Cleveland Association of REALTORS and Business Development, Courtney DeMarco says percentages will vary from municipality to municipality.  “We cannot predict this with certainty.  If lenders start to tighten their availability of credit it could then shrink the buyer pool which could have a direct impact on home sales.”

National Association of Realtors’ Chief Economist, Dr. Lawrence Yun says “sales could be down around 10 percent in the short therm.”

Vice President and Manager of Howard Hanna’s Pepper Pike and Gates Mills Office, Michelle DeGulis says, “we are still hearing from buyers that still need to buy.  Realtors are being creative in putting buyers and sellers together with virtual showings, etc.”

Howard Hanna Sales Manager Gwen Bradley says “borrowing money continues to be extremely affordable.”

LeSueur says it’s important for realtors and clients to have conversations about what’s best in each individual situation right now.

Click here for our special coronavirus section.

RELATED: Coronavirus & Ohio: The latest number of confirmed cases

RELATED: Summit County reports 2 more coronavirus deaths

RELATED: City of Cleveland reports 12 new confirmed cases of COVID-19; 73 total

RELATED: 3News' Russ Mitchell to interview Ohio Department of Health Dr. Amy Acton on Tuesday | Send your questions using #3AskActon

RELATED: Ohio Gov. Mike DeWine: Cleveland Clinic projections show hospitals will be hit hard in 2 weeks, may need triple capacity for mid-May coronavirus peak

RELATED: Dr. Amy Acton: Ohio's coronavirus peak projects for 10,000 new daily cases in late-April

RELATED: 1,137 cases of coronavirus now confirmed in Ohio; Gov. DeWine says state may need to triple hospital capacity