Fear, Anxiety, Despair are what I hear on the news. Failure of Federal Government response, failure of citizen recognition, and a very slow glimmering of light at the end of the crisis tunnel is what I also hear on the news. Anxiety and despair are rampant if you own stocks. Never in our lifetime has the stock market tanked in this rapid manner. In just a few days, five years of market value increases have been erased. Governors have shut down non-essential businesses. This is a disaster impacting 7 1/2 billion people. We are in this together.
My simple way forward is to choose Hope, Faith and Family. I hope that individuals will do what is best for society. I hope that those on the front lines will have the equipment and supplies to do their jobs, and I hope that they will be safe. I have faith that at the end of the crisis, the world will be better prepared. I have faith that there are numerous heroes in the medical field that will come up with ways to combat this virus today and protection will exist for future outbreaks. The most important thing is that we keep our families safe and together. A Zoom or facetime hug is better than no hug. A call, a text, even an email keeps us close. I am grateful for each day and those I love. That is my daily mantra.
There is no doubt the casualties are enormous. The loss of life is unprecedented around the world. I hope that the result of social distancing pays off and in the next few weeks we show a flattening of the curve. During this time, I know many of you are furloughed and even out of work like me. I am confined to home in a business that requires me to be in others’ homes and businesses.
When the time comes for us to roll up our sleeves and figure our way out of the financial mess this has left us with, I will be right there with you. When the coast is clear, I will be back to showing people homes. I will be helping people prepare and list their homes for sale.
March 2020 was looking to be very promising. This March, Montgomery County home sales are projected to be 20% over 2019 levels if closings occur on time. Inventory levels look to be up several hundred homes in Montgomery County over 2019. Business in April, May and beyond will depend on our response to social distancing. With sellers putting off listings for weeks or months, buyers may have more choices than they have in the past few years. When the virus curve is flattened, as it needs to be, and the open house doors show signs of cracking, buyers still will need to act quickly due to pent up demand. How you weather the storm financially may change your ability to purchase. Stay in touch with your mortgage broker over the next month and be prepared if you are waiting for the right time to buy.
Sellers and potential sellers should be using this time to do whatever they can to de-clutter, clean, paint and update their homes – inside and out.
If you want to discuss about how the crisis is impacting you, I have plenty of time to talk.
Until then… Hope, Faith, and Family! Stay safe!