Coronavirus sows uncertainty in Nashville housing market

Although real estate has been designated an essential industry, health and safety is at the forefront of people’s minds right now, even motivated sellers and serious buyers. 

“We will see a drop off in activity, period,” said Checko of RE/MAX Advantage. “But the silver lining for buyers and sellers is that people that are active in this marketplace are active because they need to be.”

Realtors are taking precautions to keep themselves, their clients and potential buyers safe. They’ve already suspended public open houses and turned to virtual tours or online showings. If a client wants to see a house in person, realtors are asking sellers to leave out disinfectant wipes to wipe down any doorknobs, light switches or surfaces that would be touched.

Although there’s been an uptick of “wait and see” attitude, Checko says not everyone is in the same boat and even though these times can be scary and uncertain, market trends are not slowing toward a recession.

“When people ask my advice, I tell them to keep an eye on new construction. Especially big national builders,” says Checko. “Those guys are going to make decisions that serve their business and shareholders, first and foremost. That means they’ll be the first to drop prices. They’ll be the first to stop working. And so far we’re not seeing that.”

Checko says agents are staying positive during this time and expecting a big bounce back for the end of the year after a small set-back this quarter.