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Housing market could see major fallout due to COVID-19

Posted at 4:00 AM, Apr 07, 2020
and last updated 2020-04-07 05:18:07-04

BUFFALO, N.Y. (WKBW) — At this time last year, the housing market in Western New York was at a historic high.

"Last year if you would have asked me I would have said we were experiencing the single most robust housing market we had ever seen in Buffalo and Western New York, and this year, we have zero activity," said Chrisopher Mekker, licensed real estate broker and owner of Buffalo City Living, LLC.

This downturn, due to COVID-19, could have massive effects on the market once things reopen.

"I would anticipate that there will be a flooding of the market that a lot of people who wanted or needed to list their homes for sale of the last month of the coming months are probably going to list all of those homes right at once," Mekker said.

That means, a good time for buyers, and bad time for sellers.

"It would be a higher supply than normal and it would stand to put a downward price pressure on the market," Mekker said.

According to Mekker, the best thing could be to open the housing market gradually so that there isn't too much of a crowded market.