Hi
@shah8 I hope you and your loved ones are safe during this intense time. Of course no one can predict the future, but I hope some of the answers other community members have provided in response to my question a bit below yours will be helpful to you (it's titled something like: prepping to sell my California house in July: eviction? capital gains?).
The main synopsis is this:
*We don't know how long the shelter in place order will last, so we'll have to wait and see.
*Rely on your realtor and personally I would say get a second opinion if possible since of course it is in your realtor's best interest to get you to list and sell. My realtor has said that pre-shutdown inventory was very low and she expects that to continue.
* It's TBD whether pre-shelter in place comps will be comparable to post-shelter in place comps.
* Personally I'm doing various scenarios to see how much of a hit I'm willing to take post-shelter in place knowing we're heading into a recession (or, IMHO, a depression).
* I just heard on the news today that RE values dropped by 6% during the last recession, so that's going into my scenario planning: would I still want to and be motivated to sell if the value dropped by 6% off of the pre-shutdown comps? In my case, most likely yes, in your case, you'll need to be the judge of that.
* In re. to your question of will demand dry up: YES, it has to. The question is how much. Again, IMHO. How could it not? My home is a small 2 bedroom one bath so I'm hoping there's a family out there that will be looking to downgrade from a home they can no longer afford, but who knows.
* It's also tough to say whether people will be moving around because we know that some sort of mortgage relief package will be coming. The good news is this package could help you and I to cover our carrying costs.
So, back over to you, what are your options? Are you open to renting it out or staying in it? Are you moving out of state? Can you tell us more about your circumstances?
Take care and stay safe.