It is hard to believe that it has been seven weeks since the March 13th shutdown, and that we are heading into the second Quarter of 2020. I am a bit uncertain about these past days but 100 percent sure that the next two thirds of 2020 will be SIGNIFICANTLY BETTER than the first third.
While we have never had a mandated shut down of the economy before, we should be thrilled that we live in Texas. Why? According to Worldometer coronavirus site, Texas ranks 38th in cases per one million people and 40th in deaths per one million cases.
On the real estate front, March is probably going to be the last good month for housing as we usually track on a 60-day lag time. This is working under the assumption that the average home goes on the market and then closes within 60 days. And while April and May are typically our highest months activity wise, I predict that July and August will be those months in 2020. There is a shortage of supply, and I think we will start to see this change as homes begin to be listed again while buyers simultaneously return to the market.
And I might be biased (for obvious reasons), but I am going to go ahead and predict that the housing market is going to come to the rescue of the Texas economy when it is all said and done. Whether because of our low interest rates or the fact that people are moving here at a rapid rate and have to live somewhere, real estate once again proves to pull us through.
Are you someone that is quarantined and dreaming of the day that you can sell what you have and buy something new? Whether you live in an apartment and are excited for grass or are ready to leave the lawn mower behind and downgrade to something low maintenance now that the kids have moved out, I am always here to help. Give me a call!