There have been all kinds of predictions for how COVID will affect real estate. The virus’ implications for commercial real estate are clearly bearish, at least in the short-term, but residential is a different story. While viewings are done, supply of housing is so tight that prices in April actually rose from last year despite the huge disruption to the economy. Home owners don’t want to move right now, so either aren’t putting their homes on the market, or are taking them off.
FINSUM: The other key thing to bear in mind is that home equity/leverage was in a very healthy place as this crisis unfolded, so homeowners are not underwater like they were in the last big crisis. Thus, there is a lot less pressure to fire sale.