Coronavirus’ Impact on Real Estate

Editor’s Note: As the impact of COVID-19 (coronavirus) is fluid, information in this article was correct at the time of posting and may be out of date at the time you are reading it. For the most up-to-date guidance on coronavirus, please visit PARealtors.org/coronavirus.

Should you be concerned about coronavirus? How about how it is or will be impacting the real estate industry?

U.S. real estate may already be seeing the effects of the disease. Thirty-year fixed mortgage rates dropped to 3.45%.

“The longer virus concerns linger and the bigger impact economists and analysts estimate it will have on economic activity the lower we are likely to see rates go,” Danielle Hale, chief economist at realtor.com®, said. “If evidence were to surface that suggests containment of the virus is improving or that the human or economic impact may not be as large as now-feared, then that would cause rates to rise.”

In Pennsylvania, no one has tested positive for the virus so far, according to Department of Health Secretary Rachel Levine at a Capitol press conference last week. However, with more than 80,000 cases around the world, and close to 3,000 deaths reported, potential for it to spread to Pennsylvania isn’t unfeasible. Symptoms of the virus include fever, cough and shortness of breath.

As a professional who is interacting with many people day in and day out, how can you protect yourself? The Pennsylvania Department of health recommends:

• Cover coughs or sneezes with your elbow. Do not use your hands!
• Wash hands often with soap and water for at least 20 seconds. Use an alcohol-based hand sanitizer if soap and water are not available.
• Clean surfaces frequently, including countertops, light switches, cell phones, remotes and other frequently touched items.
• If you are sick, stay home until you are feeling better.

The disease is spread mostly person-to-person, but can also spread via infected surfaces and objects. If you had international plans to fly to China, the Centers for Disease Control and Prevention is advising you cancel your trip.

There are no confirmed cases of Coronavirus in Pennsylvania, but now is the time to prepare.

The @PAHealthDept suggests Pennsylvanians create a home emergency kit with the following items. ⤵️ pic.twitter.com/TeDHsR6eKz

— Pennsylvania (@PennsylvaniaGov) March 4, 2020