It has been estimated that home prices could see up to a 20 percent drop or more in value because of the COVID-19 situation.

In Cook County, Illinois, city officials there have admitted that they will be looking to reassess home values in the area and those prices should be updated by next year.

The homes are expected to come down in price at least 8 to 12.2 percent or more.

For those who have been renting and waiting to find a good deal on a home that doesn't seem to have an incredibly overinflated price, this will no doubt come as good news.

But for others who are having their own asset devalued, it might not be the best news to get.

Many areas have had their real estate sales plummet over the last couple of months.

Not all home prices are dropping though, some reports suggest that there are a few areas who have been seeing an increase in price during the coronavirus situation.

In places like Oregon and New Hampshire people have continued to buy up property even though there has been that lockdown on the economy.

Some authority figures, like Gov. Greg Abbott in Texas, have claimed that they won't be looking to freeze property values during the COVID-19 situation, even though there are reportedly many who believe that their property values are currently too high. In Colorado they might see the second-largest property tax cut in history, and some jurisdictions have been looking to extend property tax deadlines or reduce any penalties.

Pics: pixabay