Is the Real Estate market really not going to take a hit?

[Account Closed]

I have been watching the last 4 months in absolute awe. Unemployment is through the roof, businesses are going bankrupt, most people are staying home not spending money yet the stock market and Real Estate market are doing great. The US government has done a lot to try and curb the effects that Covid has had on the economy but can it last? The housing market in my local market, Richmond, VA, is red hot. Interest rates are super low and the inventory is low so I feel those two factors are carrying the market for now but how long can that last? We have already seen a steep decline in higher end properties across the nation. I fear people are being lured into a false sense of security with the current market conditions and are not preparing themselves for the fall out. Thoughts?

[Bill B.]

It will either keep going up or start going down. When one of these things happen half the people will say I told you so and the other 1/2 will pretend they never said anything. 

As long as the people predicting the crash have sold every property the own I’m willing to listen to them. Anyone who owns 220 properties and predicts a “massive” price crash but isn’t selling anything I can’t believe. Just like believing the person who doesn’t own any properties and has been predicting a crash since 2012.