Will the housing market tank after corona?

[Bouledeneige]

At some point in the next 3 years I need to downsize. I live in an expensive area and I will have less to spend when I move as I will be re-paying my XH as a result of our divorce and the interest only additional mortgage I took on to give him a deposit for his divorcee Dad flat. I have just spotted my perfect smaller house - close to where I live now but put on the market just before covid. Obviously I cant view it now but I have registered my interest with the estate agent.

The market has been very quiet for a couple of years due to Brexit. There are few houses of the right size and prize bracket in this area - and I really want to stay here because I love it and have a lot of friends here. Its been advertised at my ideal price. But my buying power will depend on what I get for my larger house which is not yet on the market.

I have this feeling that I'd be daft to move soon after the covid crisis because the market will tank. But I' thinking that if I can get the right asking price for my house in a very desirable area close to excellent schools then why not go for it as soon as possible. Otherwise things could get much worse on both the sellers and buyers market.

Or would you be cautious and wait and see? Even if it dives and dives as a market.

It works both ways - if houses are cheaper to buy that means yours will be too.
I think the market has practically stopped now except for people who absolutely have to, but then after the crisis eases up there will be pent up demand unleashed. There's loads of reasons people need to move: death, divorce, work etc. I'm moving to london in 14 months and hope what I might lose in selling my house I'll make up with a cheaper purchase.

Are the excellent schools private or state? Huge consideration as people bail out of private.
Bigger houses are harder to sell, so going down the way is harder when there are fewer people moving up.
The land registry is closed now, and when it opens, it will be sell, sell, sell. Unless some fucker fro M&S or Waitrose wants your particular house. Everyone else will be broke, and paying more tax.

My house to sell in London is close to several excellent state schools. Its a very green and popular area, with lots of shops, cafes, bars and supermarkets including M&S food shop and Waitrose in walking distance.

I absolutely agree about loss on selling is gain in buying. So that suggests not to pay the asking price on a house listed before covid because in a year it will be much cheaper. But listings of houses of that size, price and location are rare, and mine will depreciate in value in a year too. So if I could get a great price quickly it right be worth it.