We can replace the fear with the facts. The NYC real estate market has proven over the last centuries to be one of the safest and sought markets in the world and will be able to overcome this too.

Here follow excerpts from the analysis on the US real estate market of experts Brian Buffini and Lawrence Yun (Chief Economist at the National Association of Realtors):

We have faced many, many different crises in the past as a country.

No matter what, this is going to be a shorter-term situation than what we faced with the last recession.

If it is of short duration, one can anticipate quite a strong real estate reboundafter say one or two months of somewhat of a lackluster activity.

If there is a short duration Coronavirus impact, then we will see a fairly robust late Summer going into Fall home sales market.

Housing is on very solid ground if we were to go into a recession, especially when compared to the last financial crisis.

Maybe there are less buyers out in the market during in the short term, which means there’s less competition and better price negotiation potential for the ones that want to grab the opportunity.

When you have a bit of a longer-term perspective, it seems to take you out of the short-term panic.

Even if it takes a little longer to contain it, there is such a solid fundamentalfor the real estate market, things will play out very well over the long haul.

Here is the link to the FULL discussion

(source: thebrianbuffinishow image: statuecruisis)