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Real estate experts say coronavirus will impact Palm Beach County housing market

Posted: 1:43 PM, Mar 03, 2020
Updated: 2020-03-04 13:14:37-05
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PALM BEACH COUNTY, Fla. — Whether you are buying, selling or building a home in Palm Beach County, coronavirus concerns will impact the housing market, according to real estate experts.

On Tuesday, the owner of Echo Fine Properties, Jeff Lichtenstein, told dozens of his agents not to panic.

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“It’s better to address something and talk about it and then communicate with your clients what’s going on, rather than let something sit under a rug,” said Lichtenstein.

He explained the price on new construction could increase because supplies that come from China might have to be substituted and even cause construction delays.

But Lichtenstein also said one positive is interest rates are at a historic low.

“When interest rates are low, and there’s this fear and you may catch somebody who’s ready to sell, you may make a little bit better buy then you will 12 months from now,” said Lichtenstein.

Lichtenstein says there’s an undersupply of inventory in Palm Beach County. If you're looking to sell, you may see a little bit of a price reduction.