COVID-19 and the Real Estate Market
Updated: Apr 14, 2020
For the first time in my lifetime we are living through a global crisis. It has joined us together while separating us from our friends, family, neighbors, and clients. Collectively we have taken steps to protect not only our own safety, but the safety of others who may be more vulnerable and less apt to survive the disease. We will get through this and there will be a new normal.
I have been thinking a lot about 9/11 and how that felt. My daughter was in elementary school at the time and I remember feeling that not only would our world never be the same again, but also that she would never have a "normal" upbringing like I did. It was a heartbreaking and scary time but life did get back to a new normal and it will again.
In the world of real estate some sellers have opted to temporarily take their properties off the market and some buyers are on hold. Other sellers have put their houses on the market and they have gone under contract quickly. The right thing to do is what feels right to you and how it impacts those around you. As long as you are being safe and taking precautions.
Many people have asked me how this will affect the real estate market and although no one has a crystal ball, historical data and informed predictions can tell us a lot. The short video below compares the current crisis to the 2006-2008 recession and shows why there are major differences. (Click on the graphic below to watch short informational video.)