Coronavirus takes toll on South Jersey housing market

South Jersey housing market suffers due to Coronavirus

FOX 29's Joyce Evans talks to South Jersey realtors about the slowing house markets due to social distancing and COVID-19.

MARLTON, N.J. - The housing market has started to feel the effects of the coronavirus, with buyers fearful of the economic climate and sellers weary of welcoming outsiders into their homes.

“What we’re seeing is more of the buyers that are out there now showing us the signs of set back,” south Jersey real estate agent Val Nunnenkamp said.

Nunnenkamp, a 37 year real estate veteran, has never seen anything like this before. He says it has become commonplace for buyers to suspend their housing search until the health crisis is over.

Buyers aren't the only one feeling unsettled about the COVID-19 virus. Social distancing has raised concerns from sellers about welcoming buyers into their homes.

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"There are sellers that are saying 'I don't think I want [buyers] in.'" Nunnenkamp said.

Sellers who are still braving the suddenly choppy housing market believe they can adapt to the fearful marketplace.

"We're asking people to put booties on, simple things," said Tom Cullen, who is currently selling his home in Marlton. "When everybody leaves we come back and we wipe down."

Nunnenkamp is advising his clients to not panic and lower asking prices, but understands the market is ever-changing. Meanwhile, Nunnenkamp says buying clients can expect fewer bidding wars.

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