Coronavirus & the Market: Should I sell now or in 8 months?

[Paul Kim]

I’ve been planning on moving out of California to Texas this Fall 2020 (ie Nov / Dec). My wife and I have started the process of construction on a new home out in the Austin area. Originally I was going to have the family stay in our primary residence here in CA till we’re ready to sell it shortly before the move. But now with the Coronavirus in effect, I have no idea how exactly the housing market will be impacted.

The price of my home in CA are at all time highs. Inventory in my area is low. Mortgage rates are also low. Generally I understand that would mean home prices would increase. But because of the uncertainty of how the Coronavirus will effect the economy, jobs, and the housing market, I don’t know whether or not o should sell my home now (and go rent in TX as we wait for the home to finish construction) or it we should stay put and sell our CA home in the Fall.

I need some guidance here! Thanks.