No one wants to talk about it. Climbing unemployment hurts real estate. While the Fed pumping money into our relatively stable stock market helps it.
Yeah, knew that already. Searched for stories on real estate and almost NOTHING, anywhere. Those boys are sure good at covering up to try and protect the outrageous price for properties. Someone needs to do some investigative journalism.
I am a Realtor in the Richmond, VA area. I have sold 12 homes in the past 30 days. From low $220,000 range to mid $500,000 range. Almost every one of my buyer sales have been been multiple offer situations. Low rates and less fear among my clients at least is driving our market. As much as I do not like our Governor he left Real Estate along so we could do our jobs.
I am guess that about 25% of Realtors sheltered in place and tried to promote virtual tours as a way to purchase a home. But the truth is not matter what your political identity is you have do go into a home and smell, see, feel and listen to a home before you make a purchase. You want to see the neighboring homes and see how large the rooms actually are as modern wide angle lenses make rooms look much larger than they are.
I am an economist by education and I do not see a major slowdown in the future at least in the Richmond area. Now, if the contagion of the Blue States and their economic damage to their states spread across the country we may have a future recession after the current 2 quarter recession.
The real price movement on real estate won’t start happening until the 8+ percent of all mortgages in forbearance come due as a lump payment in about August.
Until then the industry is going to say “There has never been a better time to buy than now!”. Oh wait, they always say that.