COVID-19 hit our world like a ton of bricks.
SARS-CoV-2, or now more commonly known as COVID-19, slowly emerged out of the first-identified cases in Wuhan, China back in December 2019. The mysterious new illness shook China before the rest of the world knew what its impact would become.
When lockdowns began worldwide, many were horrified by the implications that could become a true reality for us all – economic collapse. The globe truly shifted in a direction mankind had never seen to try and stop the spread, including shuttering the things we thought were immune.
The globe quickly shifted. Life as we knew it would never look the same.
The real estate market drop and slow gain.
Real estate markets in the U.S. dropped to their lowest we’ve seen since 2007.1 What the market saw was worried homeowners, some still in fear from the economic downturn in 2008, removing listings, not allowing others inside their home for showings, and other concerns raised by a global pandemic.
SOURCE: Realtor.com. Data as of Feb. 10, 2021.
According to Redfin, inventory on newly-listed homes, due to growing concerns in the spring, dove nearly 40% over the same period in 2018. Homes typically see a decline in prices with drops in inventory; however, the COVID-19 pandemic kept prices higher on median average, in some locations, even driving prices higher.1
So what now, and why should you buy or sell?
There is no doubt that the economic recovery is bound to happen. With vaccines increasing production, more and more people are looking at their homes for what they’ve become – gyms, offices, schools and a safe-haven from the unknown. The world is looking to a brighter future, and, with higher prices, those that were concerns of turmoil, may be looking to buy or sell as a safety net for anything that could happen later on in our lifetime.
As the markets recover, positioning you and your family in a more financially-stable situation is growing more imperative. Buying and selling power from home ownership can be the biggest financial decision of your life, and you should never go in alone. Utilizing a professional Realtor®, Julie Leafgren can position you to be more financial sound and build a future that can increase equity and value.2
Are you ready to get started? Contact us today.
1 National Association of Realtors.
2 Always seek financial help from a professional advisor. Julie Leafgren, Clary Real Estate, its officials and/or affiliates, cannot guarantee future volatile market conditions.
