Covid-19 and the Real Estate Market
Hi, everyone! First and foremost, on behalf of the team, we want to wish everyone safety and good health during this unprecedented time.
We've been doing a lot of research on how this crisis is going to affect the housing market, and we wanted to put together a series of videos to help keep you informed and calm any concerns you may have.
In this first video, we want to talk about how a recession does not always cause a housing crash. Looking at the graph below, you can see the last five recessions we've experienced in the United States. During three of those five recessions, housing prices actually increased. During the 1991 recession, we saw a small decrease, and in the 2008 recession, we obviously saw a large decrease in home values. The thing to keep in mind is that the 2008 recession was caused by the housing market crash.
During this recession that we're experiencing right now, it's caused by an extraordinary event, and we're hopeful that we'll make a recovery once this virus goes away. In the meantime, we're uncertain if there's even going to be any impact at all on housing prices.
So we hope this helps calm any concerns you may have. If we can answer any questions or be of an assistance, please don't hesitate to reach out. We are here to help!
Post a Comment