by Chip Bubela
on Friday, April 10th, 2020 at 1:46pm.
Nobody knows how long the COVID-19 pandemic will last, so if we take it one day at a time, we’ll get to the finish line eventually. Here’s the latest from our industry.
I know it may be hard to believe, but it’s business as usual for us—somewhat. We’re still doing listing appointments, whether virtually or in-person while maintaining the recommended social distances. Before we show a house, we’re asking sellers to turn on all of the lights and leave all of the doors open so we can come through with as little physical contact as possible.
The real estate industry is still active due to basic necessity: If you need to buy, you need to buy; if you need to sell, you need to sell. Naturally, though, the number of listings is down right now. It’s a good time to call the bank and work on your pre-approval if you’re thinking about buying a home later this year.
If you’re stuck at home but are interested in seeing a particular piece of property or land, we can show it while still abiding by social distancing guidelines. We can even have some fun with it—some of the land that we have includes large ponds with fish in them, so you can get away from things for a while and catch some bass. I’d be happy to get out of my backyard office and walk around to (safely) showcase one of our pieces of land.
For you business owners out there, check into the Paycheck Protection Program (PPP) stimulus where you can receive 2.5 times whatever you’re paying your employees. I’m not an expert on it, but I’ve certainly read quite a bit into it and can point you in the right direction if you have questions.
"The real estate industry is still active due to basic necessity."
On my personal Facebook page, I talk more in-depth about how high unemployment does not always affect housing in a negative way. I also have plenty of data from the past several recessions illustrating that a recession doesn’t always translate into a negative housing situation. In 2008, of course, the housing market collapse did cause the recession, but that’s certainly not the case now.
Instead of comparisons to the Great Recession of ‘08, I agree with someone who recently stated that what we’re going through now is more closely related to 9/11; it’s a great shock to us, and the economy, but our markets are well-capitalized and we will bounce back. If we don’t have a V-shaped return to the market once we beat this virus, many are at least projecting a U-shaped return.
Stay tuned for my April market update. Once I get a hold of those statistics in a couple of weeks (which I’m very curious to see), I’ll be excited to pass that information along to you.
Though staying at home and having to take care of your kids, job and finances all at once is definitely a challenge, there are some positive aspects, too. My family and I are spending more quality time together, appreciating what we do have, and not dwelling on the bad.
If you have any questions about what was discussed in this message, or if you’re interested in buying or selling a home soon but aren’t sure how to proceed in these times, reach out to us. We’re always here to help, and we look forward to hearing from you.