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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, we are in the same situation. We thought about backing out but our jobs are safe for at least  three years and we meant this purchase to be our forever home so even if the housing market tanks it will rebound eventually. The novel part of this disease will end within two years and we won’t be sheltering in place for that whole time. If anything, the market will completely dry up in the area we are buying as many people will hold onto their house and few buyers will buy while they wait this out. Things feel crazy right now but as we learn how to better handle this virus we will adjust to a new normal. These are extraordinary times but we will get through this and the economy will come back.

As for closing, so far things are humming along and it seems like we can close on time with how everything is set up in VA. Some places though things are paused because the courts are closed. Just depends on where you live. [/quote]

+1.  This is the most reasonable, practical, mature comment I have ready thus far.  Yes, life will continue.  Adjustment will be required. [/quote]

So many of the households with owner occupants in this area have at least 1 person, if not 2 spouses, able to telework so there’s still tons of income coming in. Plus there is going to be mortgage forbearance. The market decreases right now are highly situational to a situation that will have an end (or at least a new norm soon). Not to mention there is so much pent up demand that I’m willing to bet a lot of people on the sidelines are ready to pounce at even a small dip in home prices.

If anything, I’m more worried about the growing income divide than house prices in the DMV (at least closer-in) plummeting. On the one hand you have high income knowledge workers still paying their mortgage as they telework. On the other you have gig/hourly employees unable to make rent. Some landlords may be hurting so this may add inventory to the market if they decide to sell, which may plateau things a bit. [/quote]

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