Multiple states have begun the process of loosening their lockdowns that were put in place to slow the grow of Coronavirus. In the coming days, more states, counties, and cities are planning on following this new precedent that Georgia, Texas, and Colorado have created. With the release of the full lockdown, the economy is kicking back into gear. One of the markets that is getting back into business is the real estate market. However, will it be able to make a strong comeback after being completely frozen for the past few weeks?
As the stay-at-home orders start shrinking back, there is a little increase in the number of house listings coming up online as well as possible buyers looking around. Real estate professionals are excited to report the strong revival of the market after the screeching halt that had met them with the spring market.
Though the market could have still continued online like other markets, the pulling away of the bars it felt everyone was held behind will provide buyers and sellers alike with a sort of motivation. Sellers are likely feeling more secure to allow buyers to walk onto their properties with open houses. Buyers are going to be a bit more confident in their finances to take the commitment of buying a house and moving. Both groups, with the lost sense of urgency, will likely pursue more in real estate business. Whether it is right to abandon the fear of the deadly threat that has been hanging over everyone like a dark cloud, time will tell.
The real estate market may be able to bounce back because summer is traditionally a busier month for home sales as parents want to move before school gets back into gear, however, health experts are warning against freely circulating. The real estate market is not going to likely bounce back to what it once was, and the danger of the virus is still prominent. More than 30 million have lost their jobs and that number continues to grow, so it will be a new sort of difficult to pay for the house they want.
With that spike in unemployment, even this season that is usually sets the real estate market abuzz is going to result in far fewer buyers, sellers, and listings. While the stay-at-home orders are lifting, there will be a boost because of the freedom. However, the effects of the pandemic and the fact that it is still here will likely put a damper on the quick recovery of the market.
Still, more houses are being listed on markets that are open for them and more buyers are returning to reopening markets. Whether that slow to the market will come once everyone realizes their situation actually happens, or the real estate market comes back full force are merely two possible outcomes in the future. Many speculate in the slow comeback of the real estate market, but some can hope that it will make a return in a spectacular fashion. It will come back, likely to a state much behind what once was, but it shall make its return. The rebirth starts now.