I'm getting asked a lot about my opinion on what the Covid 19 pandemic means to the housing market. What could happen, what won't happen.
If only I had a crystal ball. But here are some thoughts for today:
What I know, is that real estate is one of three of mankind's basic needs. Clothing, food and shelter. People need a place to live. When the quarantines are over and people feel sale, jobs are restored, my sense is that the marketplace will pick up where it left off based on the simple economic principle of supply and demand. Over the past 10 years, there has been a continuous shortage of new construction. Some published sources go so far to say there is a shortage of 4,500,000 homes, overall, based on our population growth in the U.S. And unlike prior housing recessions, the fundamentals seem to be solid.
What do YOU think?
