The Investigators: Buying, selling & investing -- Mid-South realtors yet to see effects of COVID-19 outbreak

COVID-19 affects on Mid-South real estate

MEMPHIS, Tenn. (WMC) - The stock market and gas prices are plummeting but Memphis real estate agents report they’re not seeing negative effects from coronavirus yet.

Here in Midtown, “for sale” signs continue to go up and local realtors say they’re still getting multiple offers per house. But we asked how long will that last?

Home tours are often essential for buyers and many realtors are using technology to keep their businesses running.

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“People are still buying, selling and investing in property. We just are doing it virtually if they do not feel comfortable with people coming through their homes. Tech has really played a part in it, really strongly in the past week or so,” said Realtor Sarah Layson.

Sarah Layson of Layson Group in Memphis says so far, sales in Memphis and the surrounding areas have not slowed.

“We still have people reaching out wanting to sell their homes, we have buyers that are looking for property,” she said.

Numbers just released by the Memphis Area Association of Realtors show more sales for Shelby, Lafayette and Tipton counties were down in February compared to January.

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But money made form those sales is up.

Layson says inventory is low, which makes the market prime for sellers and right now, there are no major signs of slowing.

So what effect is expected on home sales after today’s safer-at-home order was announced? Or even 30, 60 or 90 days down the road?

Layson echoes the sentiment from many of our leaders: we’ll have to wait and see.

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