May 21, 2020
I was fortunate to have one of America’s smartest real estate market predictors as a guest on my weekly national webinar for real estate agents.
His name is David Childers, and he talked about how COVID-19 is affecting real estate sales and home values. The information he shared was fascinating and insightful.
Rather than summarizing it in an article, I thought you would enjoy seeing the best of David’s slides, with brief explanatory comments by me. You can check out his website at keepingcurrentmatters.com.
The number of home showings to buyers plummeted, but is surging back.
The number of homes for sale plummeted, and is slowly coming back.
Moderate home appreciation over the past six years does not portend a bubble ready to burst.
With under 4 months of home inventory (under 3 in AZ), we are in a strong sellers’ market.
Recently, homeowners have been playing it safe, refinancing out a smaller percentage of their equity.
Homeowners have considerably more equity than in 2007, so they can withstand a downturn.
If you’d like to watch the webinar (an hour), I posted it at kcmwebinar.com.
To my fellow Realtors, this webinar is well worth the time. Your clients need to know what David had to say.
I will be glad to share the slide deck. Just email me at [email protected].
My opinion? The housing market will come back strong, provided a new wave of COVID-related problems doesn’t shut down the economy again.
Low/mid-priced home sales will recover quickly (they already have in AZ) because there is so much buyer demand chasing a limited housing supply.
Luxury home sales will follow, provided the stock market doesn’t tank and businesses stay open.
One last thing. Some parts of the country will recover more quickly than others. But I am betting that within a few months, it will be full steam ahead everywhere.
