Is the Housing Market Set Up to Crash?
A Home that Comes with its Own Toilet Paper!
Need a Friend… Foster a Dog
Remember the Top Three Things to Help You During Our Crisis
US Real Estate in Jeopardy
As Covid-19 continues to escalate in the U.S., some American economists are predicting an “absolutely brutal” housing market report to be released in April. This is because the real estate market is dealing with a shocked U.S. economy and prospective homeowners are putting off purchasing properties right now with our currently crippling financial situation.
The National Association of Realtors noted that a great number of real estate firms have restricted open houses and property showings due to the coronavirus. Even without the restrictions, people are canceling showings and open house listings are being rescheduled abruptly. For example, during the first week of March, 193 homes in San Francisco were listed as “active,” but now 172 of those same properties are now on a “hold” status.
Real estate agents and brokers weren’t deemed an “essential” business by Gov. Andrew Cuomo, meaning they can’t hold open houses, showings and in-person listing presentations due to the coronavirus pandemic, according to a statewide trade group.
The executive order restricts real estate licensees from working outside their homes, according to the New York State Association of Realtors, which represents residential agents and brokers.
Lendingtree chief economist Tendayi Kapfidze thinks that the U.S. might see a complete “shutdown in the housing market” soon, according to his recent interview with Yahoo Finance. Kapfidze noted that the U.S. real estate market could be in for a rude awakening and a “drastic impact” might be in the cards. He highlighted that American homeowners are sitting on a record $18.7 trillion in home equity, but they are not rushing the banks to refinance. “People are more wary about taking on high levels of debt on their homes. He believes because a lot of people lost homes by taking out new debt during the financial crisis.
Kapfidze is not the only economist who understands that the real estate industry is facing a looming recession across the nation. A recently published analysis from Capital Economics notes that the housing industry should brace for a storm and home sales could plunge 35% by the end of next month. Capital Economics cites the American economy’s current standstill and stressed that this trend will likely continue to force people out of jobs.
It seems that the future of the economy will rest on how fast we can return to normal. Please, everyone, do your part to follow the Federal and Florida practices regarding the best ways to protect yourself and others.
Not What You Think
One creative real estate professional in Louisiana is offering $250 of toilet paper to the lucky buyer of one of her listings. Rachel North said she saw a similar sign-on Instagram because she follows #realtor. “I saw it, and I jumped on it… I thought this is gold,” she said. “I’m putting it on a few of my listings.”
North said she’s getting a lot of calls because of it, but she’s also glad it’s giving folks a laugh. Now that’s having fun despite our turmoils. Now, what about the hand sanitizer and paper towels?
Time for a “Pawjama” Party
I love this idea, especially in today’s “stay-at-home” advice.
You sign up to have a two-night “pawjama party” with a dog from Friends of Strays Animal Shelter in St. Pete. No commitment beyond those two nights. Just give a homeless pup a loving home, food, and water for 2 nights. You’ll actually be part of a study… they’ll ask you how it went, how the dog behaved, etc.
Their research tells them that even just a couple nights away from the shelter helps not only the dog but shelter staff and volunteers. For a homeless dog, they get some love, peace, and quiet. They found that fostered dogs become less likely to be returned once adopted. You pick a date and time that works for you to host a homeless dog for two nights.
NOTE: The shelter is temporarily closed. You can click here for more details about Friends of Strays Animal Shelter.
Three Health Tips
1. Watch Your Hands Often. Experts recommend you wash with soap and warm water for at least 20 seconds.
2. Maintain Social Distancing. Separate from others by at least three feet.
3. Practice Respiratory Hygiene. Cover your mouth and nose with your bent elbow when you cough or sneeze. When using a tissue, dispose of it immediately.
For more great information about prevention visit the CDC.