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In recent days, many clients have asked my thoughts on what is in store for the housing market. Obviously, this time is uncharted waters. On February 29th, we had record low unemployment and home prices increased for the 90th consecutive month. Home prices continued to rise because there continued to be a home shortage based on population, this has not changed. Although we are in the mist of an economic quarantine, there is reason to be optimistic. There are economic stimulus packages being worked on as this is being written and countries seeing Covid-19 mitigation such as South Korea and China, are already seeing their economies making a rebound.

The sky is  not falling. During the most recent recessions of the 80’s and 90’s and the short down turn after Sept. 11th, home prices actually rose. The only exception was the ’07-’09 recession, which was brought on by a combination of a loose banking industry and home builders producing an oversupply of housing inventory. This is not the scenario we are in at this time.

Our current situation will have an effect on the real estate market for the short term. Most likely we will see a delay in the “spring selling season”. However, let’s remain positive, homeowners have not seen home values fall 30% and there is no reason to suspect they will.

In the meantime, enjoy the extra time with your family and continue getting to know your neighbors, from a distance, of course. We will get through this together!

Feel free to contact me to discuss your specific real estate needs at this time.