Get Email Updates
Get an email the instant your dream home hits the market with your MyLogin account
We will match you with the perfect community to fit your needs
by Jeff Lichtenstein – Broker and Owner of Echo Fine Properties
I think if you look a year out from today, the effect of the Coronavirus will be negligible. If anything, it might cause an increase in prices with demand up a bit. Here are some thoughts…..
COV-19 is a very real issue, but its long term effect on Real Estate (1 year out), will be negligible. It has been upsetting supply chains (there will probably be some effect on new home materials and prices, although China is quickly coming back to work), which has had a direct impact on business and the markets. However, the demand for information and news, and the taking in of emotional information is always highest at the beginning. People want genuine information and valid news outlets, tabloids, provocateurs and social media loons provide all of it, good and bad. This also scares people and fear can drive sales.
Then there is a sliding scale for information – and in X days, it will hit a Zenith and reverse itself. Eventually the next news story will take our minds off this and normalcy will occur. To put things in perspective….36,560 people died from car accidents in 2018. That unfortunately fits into a 100 people a day and 4 deaths every hour on average. If every 15 minutes there was a story of the tragic death of poor Irving getting maimed at the roundabout and a news outlet did a feature story every 15 minutes on this, we would eventually tune it out. But people don’t stop driving and those driving accidents have zero effect on the housing market.
People who are purchasing homes are generally not in a weakened or sick state. According to Dr. Anthony Fauici, Director of NIAID (National Institute of Allergy and Infectious Diseases), the highest group at risk is the very elderly or already very sick. These folks are usually not in the bracket of first-time home-buyers, in the workforce, new empty nesters, or active retires. These groups make up nearly all of the purchasing. We also might see less demand for overseas travel, cruising, and staying in colder climates during the winter months. That in turn would create more demand in our market.
Finally and most importantly, there aren’t fraudulent loans with crazy over speculation in the market place. That’s what occurred in 2006. None of those ingredients are at play. We have the opposite situation with historic low interest rates and an under-supply of homes – and will on a year to year basis going forward. The supply and demand forecast and long term growth is strong through 2045 and nothing is going to change that.
*Long term Projected Population Growth Palm Beach County per FDOT
Posted in Uncategorized on March 2, 2020 at 10:12 am.
We will match you with the perfect
community to fit your needs.Start Matching
Previous Post >
Posted on: by Blog
< Next Post
Posted on: by Blog
From PGA National homes to Admiral Cove, you've discovered the top source of comprehensive information on homes in Northern Palm Beach County communities. Jeff Lichtenstein of Illustrated Properties is the top producing real estate agent in these locations. Jeff has sold over 300 homes, more than anyone else since 2001. He caters to the Waterfront, golf & ranch, and luxury communities here. His focus has always been on providing exceptional service, showcasing quality properties and working with quality clientele. Jeff your only choice for a real estate agent in the area if you're looking for the best. Whether you're looking to sell a home in Admiral's cove or buy one of the beautiful PGA National homes, you need to talk to Jeff Lichtenstein.
© 2021 Echo Fine Properties, All Rights Reserved. Powered by Neutrino, Inc. Authored by Jeff Lichtenstein
or Create your MyHomes account today?
In only 30 seconds you will have full access to property, community info and SOLD data you can't get anywhere else.