‘Million Dollar Listing’: Tyler Whitman Has Important Advice About Home Buying During Coronavirus Outbreak

Tyler Whitman from Million Dollar Listing New York has a very important message for anyone on the fence about whether or not to buy a new home: now is a great time to invest in real estate.

Tyler Whitman
Tyler Whitman | Charles Sykes/Bravo/NBCU Photo Bank via Getty Images

Whitman shared a video to Instagram that addressed home buying during a transitional time like an election cycle. However, he also said that this advice can be applied to any uncertain situations like the coronavirus. Whitman accompanied his video with a post that urged homebuyers to understand that uncertain times may be the smartest time to strike.

He began his post with a pretty declarative statement. “LISTEN UP! I made this video about a month ago when the coronavirus was not the hot topic it is right now. BUT… you can replace ‘election’ with ‘war’ ‘coronavirus’ ‘stock crash’ WHATEVER…. .”

Great deals abound during uncertain times

Whitman added that investing in real estate during an uncertain time is when you can score a great deal. “The point remains the same. Investing in real estate during uncertainty is when you get DEALS. Or… OR!!! You can follow the masses, buy when EVERYONE is buying, and pay competitive top dollar,” he wrote.

He added that it is actually a pretty smart move to buy during scary times like the stock market plunge or the coronavirus. “If you want to win the game, stop doing what your friends are doing, and buy real estate when it’s scary. That’s when you win. Today would be a great example of a day to win,” he continued. “See you at the closing table.”

Whitman also shared this message to his Facebook story adding, “This is my strongest and most serious advice to all of you this year. Not joking. You can thank me later.”

2020 market predictions look sunny

Market forecasters predicted in January that 2020 should be a decent year for home buying, MarketWatch reports. However, economists point out that this is an early prediction and the market could experience the typical ups and downs.

“Housing people are the most optimistic people, but it takes a lot of optimism to buy a house and tie up your income for 30 years,” Nela Richardson, investment strategist at Edward Jones said. “Forecasts usually start positive and upbeat at the beginning of the year, and then you’ll see them moderate by the end of it.” 

But there’s good reason to remain optimistic. Despite wild stock market drops, the 2008 housing market crash is unlikely to repeat, Curbed reports. Plus, news of the coronavirus has prompted a rate reduction. “Rates are down to around 3.5 percent, and the Federal Reserve announced earlier this week that it was cutting its target interest rate by a half percentage point, which typically would cause mortgage rates to fall even further,” according to Curbed.

The homebuying market continues to be extremely competitive. But it may take something like the coronavirus to ease demand, which could provide ample opportunities for buyers, especially in tight markets. Although prices are not anticipated to drop, they may not continue to skyrocket.