During these troubled and uncertain times, I’ll bet many of you wonder what’s to become of your most valuable asset. Your home! Well there are several possibilities, but my crystal ball isn’t working too well at the moment. What I can tell you is that inventory remains low which is not a big change from where we were before this pandemic started. The question is why is the inventory low? Well some sellers are holding off on listing their homes until this pandemic clears – especially those who will be in occupancy while selling. Couple this with reduced buyers looking for homes currently, and we are at a standstill.
Now the real question is what will happen when this situation is over, and we are clear to restart normal life. I do not think it will be like a light switch. I think the inventory may grow initially with buyers returning at a slower speed. Whether this causes values to go down is anyone’s guess. Pent up need to sell can bring aggressive pricing from sellers driving prices down. On the other hand, returning buyers to the marketplace should balance out demand and home values.
Now what no one can predict is how fast a recovery the nation’s economic system will achieve. That is where the crystal ball goes black. I am an optimist, and I believe this Country can bounce back from any disaster it incurs. I will endeavor to keep you all informed as I see trends develop. Stay safe and God Bless the USA.