Spokane, Washington.

According to the Spokesman-Review, the hot real estate market in Spokane is ignoring threats posed by the coronavirus, so far. “I’m definitely not seeing a decrease in buyer traffic. We have a ton of buyer traffic,” said Ken Sax, designated broker at Keller Williams Realty. “I’m seeing more multiple offers now than I’ve seen in a long time, so (the coronavirus) is not impacting our market.” He's not the only one seeing positive signs. “I think we probably will see slowing, but with interest rates dropping, it’s having an offsetting effect, so right now, I don’t see a difference in our market,” said Spokane Association of Realtors President Tom Clark

The average 30-year mortgage rate nationally dropped to an all-time low of 3.29% last week, and the 15-year mortgage rate fell to 2.79%, according to Freddie Mac.

The National Association of Realtors released a statement Monday indicating the coronavirus is leading to fewer homebuyers, with 7% of Realtors nationwide reporting a reduction in buyer traffic in a recent survey.

“Given that a home transaction is a major commitment, the uncertainties on how the economy will play out and the spread of the virus itself are barriers to home buying and selling,” Lawrence Yun, NAR’s chief economist, said in a statement. “The stock market crash is no doubt raising economic anxieties, while the coronavirus brings fear of contact with strangers. At the same time, the dramatic fall in interest rates may induce some potential buyers to take advantage of the better affordability conditions.”

Read More