What Does This Mean Specifically for the Real Estate Industry?
Some early data is in and, as expected, it’s a bit concerning. Based on a new analysis conducted by Capital Economics, CNBC reports that home sales could fall 35% this spring, compared to the last quarter of 2019, noting it would be the “lowest since the start of 1991.” In New York, as reported by the Halstead Housing Index, open house traffic dipped the weekend ending March 8 compared to the previous weekend. Halstead’s Fritz Fregan is hopeful, however, and suggests that “if we’re able to replicate Chinese efforts in curbing the virus, then by mid-July or early August we should see the markets and buyers confidence coming back to normal.”
Along with Fregan, Hogan, and other experts, we here at Casandra Properties also remain optimistic during this challenging time and will continually adapt to the rapidly-changing market and needs of our clients, as we always have. We have been setting up virtual tours and open houses this past week, along with other industry leaders across the nation. We are here for you now and when we inevitably emerge on the other side. In the meantime, wash your hands and stay well.
Feel free to email me, Rob Nixon, at rob@casandraproperties.com.
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