2020 has been a wild year so far. Team Fallico, along with the real estate industry as a whole, had record lows and record highs in sales and closings—all in one quarter! I try to make my blog posts somewhat predictive and prescient, but I’m not going there this time. 🙂
This, however, may be worth betting on: after the next aid/stimulus package is passed, we can expect an uptick in activity. In the last quarter of this year, the recession will be upon us. How long will it last? There’s no telling for sure, but I don’t expect it to last longer than late 2021. This is coming from someone who has been active in real estate since 1981, from someone who is a determined and immersed student of our economy. But it’s also coming from someone experiencing current events. August 2020…yikes!
We have been advising and helping our clients achieve their financial goals over the last few months, even in today’s one-sided seller’s market. Buyers have doubled up on low inventory, and are certainly capitalizing on the lowest mortgage financing rate in recorded U.S. history. Buyers are also in need of more living space. We went from 25% work from home clients to over 50% and rising! The rise in assisted living costs are also driving the in-law market straight up.
My analogy for the economy, the emotions, the overall atmosphere of things in 2020 has been that of a roller coaster. I add the hope that you do more laughing and smiling than screaming and crying while on this ride.
Remember that “in a very short while this will be a long time ago.” Be patient and stay spiritually stong and mentally tough.