The SA government’s decision to lockdown, despite its economic woes, places value on human life above all else, and provides opportunities to look at the state of your home and reassess your values.
The residential housing market has been strained for some time now… the lockdown exacerbates this. It’s obvious that house sales during the forthcoming three weeks will trickle to nothing. Few people will be prepared to buy a home online, no matter how close they have come to considering a purchase in preceding weeks.
Wealth is going to diminish, jobs will be lost, and incomes will be threatened, and in fact, not all shocks can be anticipated. The coronavirus is shutting down the world and any stimulus or aid packages are not going to favour the selling or buying of residential homes.
Even after the three weeks are past, and assuming there is a good percentage containment of the spread of the virus, the housing market will not suddenly recover. One of the priorities for most will be to determine how to balance incomes, how to settle any debt incurred, and how to move forward. People are going to be forever changed, and values will be reassessed.
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