First time home buying in Coronavirua era
As a first time home buyer and fledgling investor, I'm seeking advice, opinions, and perspectives on the residential real estate market amid the Coronavirus.
More specifically, I am ready to enter the market but don't want to enter in too early before the economic effects of COVID hit the market and prices truly start to drop.
So my basic questions are:
Do you see the virus turning this into a buyer's market?
From what I am reading, housing supply is low. Does COVID suppress supply or does supply increase as distressed people seek liquidity?
Just how insulated are higher income neighborhoods to this virus? Ie neighborhoods with white collar professionals may not see an increase in housing supply nor a drop in prices because those areas do not face liquidity pressure that lower socio-economic areas face? How true is that?
If you were a buyer what would your May, June, July Outlook and strategy look like?
Any other thoughts are welcome. Thanks