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The Short Term Future of the Real Estate Market

By The Bassford Team on May 18, 2020

When the year began, the forecasts for the real estate market were not surprising. As the economy continued to do well in many sectors, experts from various organizations agreed that it seemed as though the housing market would continue to be a competitive place where many people were vying for each home that went on the market. The more people looking to purchase a home, the more expensive homes become, and therefore the forecasters predicted another booming spring for those on the selling end of things.

Then the COVID-19 pandemic swept across the globe and shattered the predictions like a sledgehammer passing through a glass chandelier.

At the beginning, no one knew what to expect. Due to the nature of open houses and the uncertainty around moving, the housing market suffered a massive blow as both those looking to buy and those looking to sell placed a hand on the brake, in some cases choosing to postpone any action for an indefinite period of time. Truly, we still don’t know what to expect, but as the pandemic has continued some updated predictions are beginning to emerge.

While areas such as larger cities and highly populated metropolitan areas will possibly continue to see markets facing uncertainty and confusion, it is entirely possible that areas like smaller, more affordable cities and rural areas will begin to receive increased attention from homebuyers looking to move away from congested streets. This is the short term prediction as we head into summer.

Further ahead in the year, things again become rocky. Due to the handling of the pandemic, we really don’t know how badly it has spread throughout the community and we haven’t seen nearly enough measures put in place to actually fight the continuing transmission of the deadly illness. This means that fall and winter might be especially bleak times as COVID-19 rears its head even more aggressively than before, throwing any possible thoughts as to the real estate market’s future back into turmoil.

In summary, it appears as though forecasters anticipate this summer possibly being a boom time for certain areas, while the colder months ahead might again return us to a state of societal freeze on everything, real estate included.

Sources:

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