Breaking News
More () »

Charlotte's Leading Local News: Weather, Traffic, Sports and more | Charlotte, North Carolina | WCNC.com

Residential real estate inventory down but projected low-interest rates could bring a boom

The show must go on. Real estate agents and buyers taking extra precautions amid coronavirus crisis.

LOUISVILLE, Ky. — If it was any other regular year, we would be heading into the peak of the house buying season.

These days people are choosing to stay home rather than putting their home on the market.

“I'm wearing gloves as you can see, I've ordered masks from Amazon,” Steve Minor, real estate agent said.

There is still real estate for sale but that sale looks a little different – distance, gloves and a health check incorporated.

Before the showing Minor asks, “Just to make sure that both of you’re are feeling o.k. today”.

Both perspective buyer and her friend answer yes.

“I actually like it because I'm like a germophobe anyways,” homebuyer Cailee Higdon said.

The Coronavirus has affected the bottom line for real estate agency owner and weekly radio show host Bob Sokoler.

A shock to the system – “never saw this before, we've never saw this happening,” Sokoler said.

Sokoler estimates house inventory in the area is down about 16% and buyer and seller activity is down another 50% on.

But an expected drop in mortgage interest rates could bring home much more "for sale" and "sold" signs.

RELATED: First responders taking extra precautions as work continues despite COVID-19 concerns

RELATED: Census Bureau delays deadline for 2020 count by 2 weeks due to coronavirus

RELATED: Kentucky-based testing laboratory now evaluating for COVID-19 for the Commonwealth, nation

►Make it easy to keep up-to-date with more stories like this. Download the WHAS11 News app now. For Apple or Android users. 

Have a news tip? Email assign@whas11.com, visit our Facebook page or Twitter feed.