The is a lot to fear in our markets at any given time. But there is a large discussion right now on what is having the biggest effect on the Real Estate markets. Is it a global pandemic that has now taken the lives of over 8,000 citizens? Or is it our financial market in which the DOW has fallen over a third in the past two weeks.
The truth is they are one and the same right now. The financial crisis is solely caused by the pandemic. But then the next question is what will last longer. Most people feel the virus will need to subside before business gets back to normal. The stimulus that the government put into place will only ease the crash. Once we can all go out and work and spend the markets will correct.
So the next question is how fast will it happen. Nobody can say for sure of course. But I heard a quote today from Barbara Corcoran. She said “during 9/11 I ran a 1,000 agent real estate firm (Corcoran). We didn’t have a signed contract for the first 90 days after the attacks. But right after that, we had one of the busiest markets I have ever seen.
Goldman Sacks is saying the same thing. The recovery will be fast. As a Real Estate agent, I know that the deals happening over the next 2-4 months will be the best deals for buyers we will see maybe ever again. But come this summer through Autumn, we will have a very very busy makeup market.
Many people are getting sick right now. But also, because of the way our world works, many people are going to make a whole lot of money once this is over.