The market is still holding up strong and looking promising as we try and pull out of this prolonged quarantine.

If you were told that you wouldn't need a permit and that false guidance alone has prolonged this a year, that's the foundation that I would build the other items on and strongly push for them to take it back and release the escrowed funds.

If no pressure, I wont be surprised if it prolongs to year or more.

Given the rapid and large economic and fiscal policy response and in the absence of major imbalances that would require a prolonged period of purging and modification, we expect the real estate investment markets to transition from intense near-term anguish during the virus suppression phase to a gradual healing over six to 12 months

In the big picture, housing should be a net beneficiary in this, potentially less intense and less prolonged, economic downturn.

The obvious answers are either a 20-30% drop in prices or prolonged government support with all the strings attached.  

The next six to 12 months will likely exhibit the effects of a “prolonged dislocation” in the labor market.

The risk would be a prolonged, serious down turn in which case the house owned outright only contains the risk of not meeting property tax, whereas if you take a loan, buy a second, you are on the hook for taxes and mortgage on both. 

At the price point you're looking at the purchase schedule becomes more prolonged naturally with acceptance of the LOI, and then the back and forths of inspection finance and other contingencies. 

I thought it would be a win-win for both tenants and myself--trying to help out a little in times of uncertainty for tenants, while also mitigating risk myself of turnover and a potentially prolonged vacancy from when the lockdown was going on (particularly when a few tenants came up for renewal during the lockdown and I was very concerned about new placements).