Will Coronavirus Impact Dallas Real Estate

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Real Estate

People are freaking out over the Coronavirus.  This weeks stock market "crash" was historic as some are referring to it as "Black Monday" because of the losses that hit Wall Street yesterday morning.  Conventions are being cancelled, music events are being cancelled, schools are being cancelled, flights are being cancelled, talks of a recession, and more.  This is getting out of hand!

More people get infected from the flu every year.  Not to mention that prior strands of the Coronavirus have been around for many years now.  This is not flesh eating, you will not turn into a zombie like the Walking Dead, and the world is not coming to an end.  The media headlines would have you think otherwise.  Tho, this is not something to be taken lightly as this COVID19 strand is a new virus similar to the flu that can greatly affect elderly people just as most illnesses can, but the public is being extremely weary.  Overly weary.  Everyone needs to wash their hands, and go see a doctor if they feel sick.  No one is saying that anyone should become ill with the potential of death.  That should go without saying.  This Coronavirus scare is affecting travel, the stock market, and putting the real estate market into a state of panic.  We all know that uncertainty will cause anyone to "pump the brakes" especially when they are selling their most important asset.  Their home.  How far will this go?

I have first-hand been affected by the coronavirus as a relocation client of mine can not travel right now outside their country to help their son buy a home in the U.S.  I received a phone call a few weeks ago from an agent in California wanting to refer a relocation deal to me.  The son has taken a job in Dallas, but is currently renting an apartment.  Ready to buy a home.  His parents are outside the U.S,  and will be helping with the process...such good parents.  The other REALTOR and I of course didn't think much of it.  We proceeded to sign our referral documents.  Waiting to get notification of when we would start our home search.  I was told that the parents would be back in America over 2 weeks ago to start.  So I sat and waited.  And waited.  And waited.  Nothing came of it until I asked for an update.  I was told that the parents could not get a flight right now to the U.S. I was in shock!  What the heck is happening?

I never thought as a Dallas Real Estate Agent that I would be affected by any of this.  Really?!  An aspiring Real Estate Agent wanting to have clients from all over the world come to me when buying or selling a home, and then this.  Honestly, I freaked out a little.  Should I not take them on as a client when they finally come?  Am I now over reacting?  I've also talked to investors with oil money backing their capitol; tell me that "things are not good right now"....  I was told yesterday by one investor that construction may be pushed back a few months.  Also, from fellow Dallas Real Estate Agents I've heard sellers saying that they don't know if they should list their home right now because they are worried about what is going on with volatility.  Things are getting a little intense.  We are not at ground zero, and we will rebound, but how greatly will everyone be affected?  Should we all freak out or simply wash out hands more?

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