Arm Yourself With The Facts And Understand How The Housing Market Will Be Affected By Coronavirus

Dated: 04/07/2020

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The NAR Chief Economist Dr. Lawrence Yun recently spoke about his thoughts on how the economy and the housing market will be affected by the Coronavirus. He specifically discussed how fluctuations in the economy would impact the real estate market, if the Spring selling season would be pushed back into Summer and why the economy and the real estate industry will bounce back! See some of his direct quotes below from his recent discussion.


Direct quotes from Dr. Yun: 

"Housing is on very solid ground, yet we are running into this economic quarantine...that is shutting down the economy temporarily."

"If it is on short duration, one can anticipate quite a strong real estate rebound after say one or two months of somewhat of a lacklustre activity."

"We had a housing shortage going into this virus situation. And if the duration of this virus negative impact is short..we'll run into the housing shortage right away again."

"If it (the economic shutdown) is of short duration, it will be just a delayed Spring buying season. It could be in August or September when we see that normal Spring buying season occur."

"If there is a short duration Coronavirus impact, then we will see a fairly robust late Summer going into Fall home sales market."

"Housing is on very solid ground if we were to go into a recession."

"The fact that we are in a very accommodating monetary policy means mortgage rates will be at historic lows. The most recent data shows about 3.3 percent. It could even go down to 3 percent."

"Half of Americans don't have any exposure to the stock market, so they're just looking at the low mortgage rates."

"Once the all-clear signal is addressed to say the virus situation is over, I think we're going to see a great robust rebound in people searching for homes."

"People need to be reminded to be resourceful."

"Stay at home, but if you're staying at home, how can you be resourceful?"

"I would like to see more home building activity come onto the market once we go past this crisis."

"If one feels that their job is secure, and many jobs are...take advantage of the record-low mortgage rates."

"Maybe there are less buyers out in the market during the crisis, which means there's less competition and better price negotiation potential."

"There will be more people working at home...so we may actually begin to see more people wanting to search for different homes to fit their lifestyle a little better."

"The housing market has a huge potential for growth."

"Over the next five years, probably four of those five years will be an improving year."

"People who are planning for the future long term in real estate, they will do well."

"It's going to pass. This short-term virus negative impact will pass."

"Even if it takes a little longer to contain it, there is such a solid fundamental for the real estate market, things will play out very well over the long haul."



While our country, our world and specifically our marketplace is experiencing a difficult time rest assured we have your back and will be there for you no matter what. One of the several priorities to our clients over the last 25+ years has always been educating our clients and helping them understand the facts about our housing market and helping them achieve all of their real estate goals! Always providing the best service to our clients whether they are selling, buying or investing. The hardest working agents in the Greater Houston area who value honesty, integrity and communication! Despite the Coronavirus we are currently working with tons of buyers who are searching for the right home and have some upcoming listings too. The stock market may have taken a hit but it has not affected our home prices. Local real estate is alive and doing very well! If you are in a position to buy or sell..NOW is the time!!

If you are thinking about selling and need to upsize, downsize or relocate give us a call! We are the real estate experts when it comes to finding you buyers quickly and selling your home for top dollar! Click on this link to find your home's value, instantly...https://russellbanki.bestpricedproperties.com/sell.php Read our client testimonials...https://russellbanki.bestpricedproperties.com/testimonials.php and check out our Google reviews! Search Best Priced Properties Team - Hite Properties.




Melissa Banki REALTOR GRI, CNE

Best Priced Properties Team

Helping our clients achieve all of their real estate goals!

www.bestpricedproperties.com

                            


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Melissa Banki | REALTOR® GRI CNE

REALTOR®, GRI, CNE - Hite Properties Best Priced Properties Team - The Woodlands TX Cell: 936-445-0216 Clients First! Treating the relationship with far more value than the transaction. We be....

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