In the not so distant past, Hawaii open houses were packed with Home Buyers eagerly poking their heads in closets, perusing home listings, munching on snacks and offering bids above asking price in this ultra-competitive market. Then on March 13, the Federal government declared a national emergency and issued guidance surrounding social distancing and minimal human contact just a few days later.
As businesses and organizations adjust their procedures to safeguard the health and safety of their customers, employees and community, these actions have greatly affected the housing market and how homes are sold as well as the Buyer’s ability to gain financing. Many real estate and mortgage offices have closed their office doors in the hopes of re-opening after the 15 day social distancing guidance – but that remains to be seen depending on how widespread the virus occurs in their communities.
So the question is, what can we expect from the housing market in response to the COVID-19 pandemic?