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The Shutdown: How Will it Affect the Market?

Currently, real estate is considered to be a non-essential business by Gov. Whitmer’s order. It is currently a misdemeanor for agents to be meeting face to face with anyone to conduct business. This means no in-person showings or listing appointments. Basically, most agents are shut down. So how will the shutdown affect the market?

Without a doubt, we’re all wondering. A shutdown is different than any recession we’ve ever experienced.
There are currently still buyers wanting and needing to buy, and sellers who need and want to sell. It’s just really hard to do it when a buyer can’t see a property.

So the result of a shutdown on the real estate market remains to be seen. We’ve never been here before. There could still be multiple offers on properties and pent-up demand when this is over. The effect of the mortgage industry and the high rate of unemployment is still unknown.

But did you know that even if we do have a recession, it doesn’t mean the value of your home will decrease?

I’ve navigated through several recessions in my career, but only two of the last five recessions have property values declined. In three of the five, property values actually increased.
shutdown
*This data is sourced from CoreLogic, a leading provider of real estate and financial statistics across the country.

The good news is, we’ve never sat by wondering what is going to happen, we believe in making things happen.

We just created a completely virtual buying and selling process, which we rolled out Friday, 4/3, that I would be comfortable using myself.¬†We will share our experience and the results of our first virtual listing in our next newsletter. We’re anxious to see how the market responds.

In the end, we are hopeful our market will pick up right where it left off. At least, that’s what my inbox is indicating right now.

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