Spring is usually the busiest time of year for real estate. It’s when house hunters and home sellers come out of hibernation mode and descend on the market in droves. But this year—in the era of COVID-19—is different.
The coronavirus outbreak has rocked the economy and upended many industries, including real estate. As Americans across the country are sheltering at home, many home buyers are left wondering: Should I buy a home now, or wait until quarantine measures loosen and the economy picks up again? The same goes for sellers wondering when they should list their home.
As the economic toll of the coronavirus pandemic deepens, jobless claims have spiked to unprecedented levels, with a record 6.6 million Americans applying for unemployment benefits during the week that ended on March 28. That’s more than double the number who applied for benefits the week before, which had also been a record high. The number of jobless claims now far surpasses the levels seen during the worst of the financial crisis and Great Recession and have shattered the weekly record of 695,000 jobless claims set in October 1982 during a period of high inflation across the country.
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