let’s talk: 2020 HOUSING MARKET UPDATE
Good Morning!
Yesterday I was able to attend the virtual eXp Shareholder Summit where we had the opportunity to hear from many speakers including the leaders from eXp Realty, Virbella and Zillow, just to name a few. One of the topics we covered was what the real estate market actually looks like through this Pandemic, and what we can expect for the rest of 2020.
So, as we do, let’s talk Real Estate, let’s talk the 2020 REAL ESTATE MARKET…
We were able to narrow down the takeaways into 3 key buckets.
LISTING ACTIVITY
Overall listings are down. That being said, indications show that listing volume will return as soon as the economy opens back up. After polling several homeowners it has become clear that while the pandemic has caused them to put their listing on pause, they do plan to put their homes back on the market as soon as the economy reopens. The takeaway is that sellers are pausing not backing out. The key word being pause – the sellers are still there and still exist.
BUYER DEMAND
Buyer demand has overall remained consistent through this Pandemic. While the overall volume of listings are down, the buyers are still there and wanting to take advantage of the low interest rates. This should help home value tremendously as we start to move into our recovery period.
RECOVERY
Data shows that we are seeing signs of a checkmark recovery, with April being the lowest expected point on that checkmark trajectory. As some markets begin to open back up this month, we expect the number of listings to increase. Recovery of the real estate market is predicted to really pick up in mid-2020 and continue on through early 2022.
Overall, this was a very promising outlook for the market. As none of us really knew what to expect and many were concerned that we would have another housing crisis on our hands. I am curious, how has your view point changed on the market over these past couple of months? Are you looking to buy or sell? Or, would you rather ride out the storm and then make a decision?!
If You Are Interested Below Are Some Charities That Need Our Help
Feeding America
“This organization helps feed communities and individuals facing hunger across the United States through a nationwide network of food banks.”
No Kid Hungry
“With coronavirus forcing mass school closures across the country, millions of children are losing the daily meals they depend on. No Kid Hungry uses donations to send emergency grants to food banks and local community groups. It diverts resources to feed kids in the hardest-hit communities. The organization also has plans in place to ensure families know how to find food while schools are closed and making sure kids get three meals a day.”
Meals on Wheels
“This organization delivers meals to the country’s elderly population. Many of its local programs are struggling with the additional costs of delivering meals during the outbreak.”
The CDC Foundation
“This nonprofit organization for the CDC is raising funds to help respond to the public health threat when federal and state funding is not available. The foundation said it will use the funds to support state and local health departments in the US as well as support the global response including logistics, personal protective equipment, and critical response supplies.”
The American Red Cross
“As the number of coronavirus cases increases in the US, the number of people eligible to give blood and platelets for patients in need could decrease further, the Red Cross said. The organization is urging all eligible, healthy donors to donate blood and platelets to help maintain a sufficient blood supply flow and avoid potential shortages.”
Happy Wednesday! & Stay Healthy!
Erin
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p.p.s. if you are looking for an online class to help boost your social media presence – check out http://www.gogosbootcamp.com I have personally done this class and found it super helpful!
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Opinions stated here are my own and not the views of eXp Realty.
Data Sources for Today’s Content:
Me – this is based on my own personal experience!
