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What Impact Might COVID-19 Have On Home Values?

April 28, 2020 by The Servoss Group Leave a Comment

What Impact Might COVID-19 Have on Home Values?

What Impact Might COVID-19 Have on Home Values? | MyKCM

A big challenge facing the housing industry is determining what impact the current pandemic may have on home values. Some buyers are hoping for major price reductions because the health crisis is straining the economy.

The price of any item, however, is determined by supply and demand, which is how many items are available in relation to how many consumers want to buy that item.

In residential real estate, the measurement used to decipher that ratio is called months supply of inventory. A normal market would have 6-7 months of inventory. Anything over seven months would be considered a buyers’ market, with downward pressure on prices. Anything under six months would indicate a sellers’ market, which would put upward pressure on prices.

Going into March of this year, the supply stood at three months – a strong seller’s market. While buyer demand has decreased rather dramatically during the pandemic, the number of homes on the market has also decreased. The recently released Existing Home Sales Report from the National Association of Realtors (NAR) revealed we currently have 3.4 months of inventory. This means homes should maintain their value during the pandemic.

This information is consistent with the research completed by John Burns Real Estate Consulting, which recently reported:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices).”

What are the experts saying?

Here’s a look at what some experts recently reported on the matter:

Ivy Zelman, President, Zelman & Associates

“Supported by our analysis of home price dynamics through cycles and other periods of economic and housing disruption, we expect home price appreciation to decelerate from current levels in 2020, though easily remain in positive territory year over year given the beneficial factors of record-low inventories & a historically-low interest rate environment.”

Freddie Mac

“The fiscal stimulus provided by the CARES Act will mute the impact that the economic shock has on house prices. Additionally, forbearance and foreclosure mitigation programs will limit the fire sale contagion effect on house prices. We forecast house prices to fall 0.5 percentage points over the next four quarters. Two forces prevent a collapse in house prices. First, as we indicated in our earlier research report, U.S. housing markets face a large supply deficit. Second, population growth and pent up household formations provide a tailwind to housing demand. Price growth accelerates back towards a long-run trend of between 2 and 3% per year.”

Mark Fleming, Chief Economist, First American

“The housing supply remains at historically low levels, so house price growth is likely to slow, but it’s unlikely to go negative.”

Bottom Line

Even though the economy has been placed on pause, it appears home prices will remain steady throughout the pandemic.

Filed Under: Uncategorized Tagged With: COVID 19

Support Local and Small Businesses

March 20, 2020 by The Servoss Group Leave a Comment

Support Local and Small Businesses

Support Local and Small Businesses

 

 

Support Local and Small Businesses in your local city. There is a lot of uncertainly in the world right now and times like this small businesses need the communities’ support. There are several ways to support them even while they are closed.  Some of us may be quarantined at home for days even weeks, forcing us to cook at home for every meal. Well take advantage of the different deals several local restaurants and bars are offering; such as free delivery, discounts on your orders, even both!  Call your favorite restaurant to see what they have to offer. That’s one great way to support small local restaurants and have a night off of cooking! It’s a win/win for everyone!

If you’re in need of a new look for working from home because we should all look good while working from home!, right? Try contacting your favorite boutique or checking out their website or social media page. Several shops are offering free shipping, curb site pickup, and even free local drop offs. No budget to shop right now? That’s ok, hang in there! There are still several ways to help the small businesses. You can start by liking or sharing their social media posts or give a positive review on Google, Facebook, or Yelp. Send them supportive messages or refer a friend. Do what you can to Support Local and Small Businesses in your city, you’re making an impact. 

Support Local and Small Businesses

Filed Under: Welcome to Luxury Tucson Condos Tagged With: COVID 19, Keller Williams Southern Arizona, Local Shops, Servoss, Servoss Group, Shop Small, Small Businesses, Support, Support Local, Support Local and Small Businesses

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