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Kevin Ward is a real estate coach, speaker, and trainer at YESMasters.com and #1 Bestselling author of "The Book of YES: The Ultimate Real Estate Agent Conversation Guide."
What’s going to happen in real estate after the pandemic?
Here are the 5 factors that drive the housing market:
1. Demographics. Baby boomers own 53% of homes in America. They own big houses and will be downsizing in the near future. This will have a big impact on the housing market trend in the next 10 years.
2. Interest rates. Low interest rates incentivize people to buy.
3. Economy. The rising unemployment rate, mortgages in forbearance, and businesses shut down
4. Consumer confidence. Even with some businesses beginning to open up, people are still conservative with spending.
5. Government incentives. (Stimulus). How long can the US dollar stay strong?
THE FUTURE OF REAL ESTATE
Right now, real estate is still moving. There’s massive pent up demand and low inventory. The industry has adapted to this new reality (virtual tours, OH). It’s a hot market for sellers. Low interest rates. Prices are still strong. As long as the federal reserve keeps printing money, it will be okay.
In the next 6 months, the housing market will move slow but prices will hold steady because the government stimulus will keep the stock market up. With the elections coming, the president will do everything to keep the economy moving along.
When forbearance ends, most homeowners won’t be able to make their mortgage payments, so they will sell. In 6 months, a lot of distressed sellers will come up. Buyers suddenly have more options, and prices will fall.
In 2021, home prices will drop, consumer confidence will stay low, and federal stimulus will become less effective,
If homeowners have been waiting for the right time to sell their house, it’s right now, before the big shift happens.
What should a realtor do?
Focus on motivated sellers (e.g. investors selling, airbnbs, downsizers, vacation rentals).
Price your listings ahead of the market. The faster it sells, the better price it will get. It’s more critical in a declining market.
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