Real Estate Will Lead The Way Out Of The Pandemic Economic Blues…
This the headline in a national paper, declaring that real estate already has made a huge leap back, creating jobs and momentum along the way. Part of the reason for this is the momentum that was already there was merely interrupted. Another factor was already low interest rates, going lower. But finally, it is continued pent up demand and far too low inventory that drove prices up slightly (more on that later), despite the pandemic. But there are also indications that the real estate market, and the way agents market homes may be forever changed. Do not expect traditional open houses to come back anytime soon. Virtual open houses followed by exclusive views by appointments only for truly prospective buyers will be the norm. Agents have responsibilities to present certain standards of disinfecting and sanitation for both seller and buyer. New forms are now mandated by the California Association of Realtors. Competition for buyers will remain tough as multiple offers will continue on the homes that are available for sale.
The stock market has already rebounded, as many thought it would, since this was such a tangible, knowable cause for a recession. However, many small business jobs may never come back, as well as restaurants; we must all do all we can to support small businesses and eateries. But it only takes one or two sectors to rebound for hiring to start back up; so even though it may take several years to fully recover, it is estimated that 60,000,000 cases of COVID-19 were eliminated because of our collective actions. Who knows how many deaths were averted and for that we should be proud that we got through and will continue to get through this together. Don’t hesitate to support food banks and other local charities as so many of our neighbors have been adversely affected. Caring for others makes us better people.
As aways, if you have any question or would like to talk more about refinancing or qualifying for a home loan, please give us at call at Premier Funding Network; 714-283-9920.