How is coronavirus impacting the Seattle housing market? We asked 3 experts

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The COVID-19 outbreak has put many parts of life on hold, in the Seattle area and across the country. It has shut down restaurants, bars, entertainment facilities and schools, and forced thousands in the region to start remote working.

But, according to local real estate agents and experts, people are still buying and selling houses in what continues to be a strong housing market in the Seattle area.

There have definitely been some changes. Northwest Multiple Listing Service earlier this week announced it would temporarily suspend in-person public and broker open houses. Agents are relying on technology and virtual tours to help keep people safe and are taking other precautions to clean and disinfect areas to do their part in slowing the spread of the virus.

And with the situation across the country changing so rapidly, it's impossible to predict what might happen in the days to come. But, with historically low interest rates and continued low inventory in the area, the Seattle area housing market remains strong.

"It does appear at this time that it is, while perhaps not quite business as usual, but we’re not in any kind of a crisis or any kind of a downturn yet," said John Manning, Owner and Managing Broker of RE/MAX On Market.

Here's what three experts said about how the housing market is adapting to the COVID-19 outbreak, and what buyers and sellers should be doing now.

John Manning, Owner and Managing Broker of RE/MAX On Market

Manning said so far as the COVID-19 outbreak continues, they have been seeing fewer buyers at properties, but more determined buyers.

"It seems to me that there's still a tremendous amount of demand and I think folks that have solid financials are still house hunting," he said. "I get the sense that some people are hoping that they'll get a bargain -- but there's definitely still enough buyers in the market that we think that there won't be an undue disruption at this point of time."

Manning emphasized he couldn't predict what was going to happen moving forward. With everything -- including orders from state and local officials -- changing so rapidly in response to the spread of the virus, it was impossible to know how further measures might affect the market.

But so far, he said there's been a lot of preparation. People are doing video showings and offering 3-D tours ahead of time. There is also the ability for people to schedule tours online so buyers don't cross paths in houses.

"The industry locally has done amazing things just getting ready. Everybody seems very calm, very prepared," he said. "You won't meet a real estate agent out there who doesn't have a big jar of hand sanitizer."

He added they are also using Instagram and Facebook heavily to market properties. Recently, they've noticed a higher level of engagement than normal, Manning said.

For people looking to buy a house, he said he'd recommend going for it if it's the right fit. Because there are no longer open houses at this time, he said, there are going to be fewer buyers coming through to look at homes, which could be good news for buyers.

"If you find the house that's right for you and you're qualified to buy it, there's no reason to wait," he said. "We don't know what interest rates will do."

For sellers, he said, there's some different dynamics at play. He said agents are working closely with sellers to have realistic expectations. Sellers have started to panic a little, he said, as buyers have become aggressive about negotiating.

"We're working with our sellers to really be pragmatic about what can happen," he said.

In some cases, sellers are waiting it out. In other cases, they are moving ahead in the process.

Supply is extremely low, interest rates are historically low and there are a lot of buyers who are very qualified to purchase homes in Seattle, Manning said.

"So far I cant see any indication that we’re disrupted from regular buying and selling activity," he said. "Seattle is a very sensible place. People know if they take all the precautions, there's no need to panic."

Will things stay like this? He's not sure.

"When people are put under pressure and when fear takes over, could that cause things to change?" he said. "I suppose it could, but at the same time the real estate agency locally is very well networked and very strong."

J. Lennox Scott, CEO of John L. Scott Real Estate

Scott said the COVID-19 outbreak is definitely a big concern across the globe, but real estate agents continue to take extra precautions and the housing market appears to be steady.

For one, historically low interest rates are attracting buyers, he said.

"When rates come down suddenly, it always creates a mini power surge of buyer demand," Scott said.

The Seattle area continues to be one of the hottest markets in the nation, he said. The February report from NWMLS showed the housing market in Seattle saw low inventory and growth in sales. And with that demand, real estate agents are doing everything they can to make sure they and their clients are abiding by social distancing recommendations and remaining safe.

With the help of technology, buyers and sellers are able to do a certain level of shopping ahead. Technology allows people interested in looking at homes the opportunity to first go online and look at videos and get a virtual tour of homes before continuing on with the process. Virtual tours are becoming increasingly common, Scott said.

Buyers can also then drive by a home to get a feel for the neighborhood and house before setting up a private tour. At this time, they are having brokers do individual showings of homes by appointment.

"So we’re supporting social distancing for both our seller and for potential buyers by limiting the amount of people that they're around," Scott said. "What's great about Seattle is the resiliency of everyone taking it on as their responsibility."

"Everything is still in play, it's just that we've adjusted some of our concepts to help support social distancing," he said.

He stressed only people who are healthy should be out looking at homes.

One impact of the virus and the precautionary measures being put into place on the housing market, Scott said, is that it's a creating a situation where it "almost feels like there's more serious buyers.

"Because they're self-selecting after they've gotten more information ahead of time," he said.

Without open houses, buyers setting up private appointments to look at homes will likely be more serious and farther along in their process.

Scott said, as always, it's important people really understand how expensive a home they can afford, and what that mortgage payment will look like with rates going down. He remained confident about the longterm outlook.

"We will get through this," he said.

Hao Dang, broker, member of Zillow Advisor Board

Dang said he's seen some real changes amid the COVID-19 outbreak.

Sellers, he said, are holding back a little from putting their homes on the market, especially if those homes are occupied. Some sellers, he said, are even taking their homes off the market -- sometimes depending on their ages and if they could be more vulnerable to the virus -- until further notice. People are being extra cautious, he said.

On the buyer side, Dang said, agents are providing gloves and masks to people, if needed.

When looking at a house, they're also asking clients to drive separately. Typically, an agent would have clients drive with them so they could talk about the neighborhood and house when they're going out. Now, people will go separately and will communicate vie phone when driving through the neighborhoods.

"We have seen a drop-off in showings and partly because people are a little concerned about going out," he said. "We’ve also implemented FaceTime and Zoom meetings."

Technology has become a big go-to, especially during this time, he said. Detailed virtual tours are another tool they'll use.

As far as advice goes for people looking to forge ahead with a move, Dang similarly said due to low interest rates, this could be a great opportunity for buyers to capitalize on this market.

But for sellers, he said, he might recommend they waiting and seeing what happens.

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