How Real Estate Is Going to be Affected by Coronavirus

How Real Estate Is Going to be Affected by Coronavirus


How real estate is going to be affected by the coronavirus. This from Dr. Housing Bubble, “COVID-19 is going to have a significant impact on the housing market.  Global markets are facing significant volatility as we deal with the first major global pandemic that is hitting both developed and developing nations equally.  This virus knows no borders, and it is surprising how many people are still posting narrowly that this is somehow not going to impact the real estate market.”

This quote probably describes much current thinking in the real estate industry, just as describes the thinking of those in the stock market. Many are negative in light of all the negative press, TV, and radio. But, there are those with multiple years of investing experience under their belts who advise a different attitude.

How Real Estate Is Going to be Affected by Coronavirus

Louie Ortiz from The Louie Ortiz Group said on KUSI San Diego, “The way that the coronavirus has affected the local real estate market has left tremendous buying opportunity with potentially fewer competing offers and low-interest rates. Some investors are even looking to real estate following the uncertainty with the stock market.

But we will see changes.

Buyers and sellers alike are increasingly canceling open houses. If there is an open house, agents are doing a careful screening of the health of the prospective buyers. As an alternative to in-person viewings, some agents are turning to tech, offering buyers virtual tours. As for how long the open house cancellation craze will last, no one has that crystal ball, but when it’s over, anticipate a spike in activity. There is a lot of pent up demand waiting on things to get safe again.

The National Association of Realtors (NAR) offers these answers:

·         You may ask if clients or others you interact with if they have traveled recently or have any signs of respiratory illness. <·         You may ask if you can refuse to drive potential clients to see homes. Make sure that you treat all clients alike.

What you do next could be the difference between retiring on time or working an extra five to seven years.

Here is the key message I want to share with you: The economic slowdown from the coronavirus will be temporary.

Humans have been dealing with pandemics since the dawn of civilization. And yet, somehow, the wheels of global commerce continue to grind on.

What we’ll experience is a one-time demand shock to the global economy. Corporate earnings will crater… People will lose their jobs… Economic growth will stall.

There is no doubt about that.

Let me repeat that: The earnings and economic slowdowns from the coronavirus are temporary.

So from an investment standpoint, we have an opportunity to buy real estate and stocks that are correctly priced for the short term but woefully underpriced for the long term.

Do your research and get ready</h3

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Photo by 🇨🇭 Claudio Schwarz | @purzlbaum on Unsplash

 

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