The Time has Come (are you ready)
I would love to get some peoples reaction to the time we have found ourselves in.
The world as we know it changed this week. My 9-5 is in the world of HR and it is crazy times as employers try to figure out how to keep business going while trying to make a transition to a remote workforce. Many companies are already equipped for this and will not be impacted from a workforce perspective. Many other industries and companies could be crippled by the new world of social distancing. The stock market has already had several days of correction but this could just be the beginning. I believe that the severity of this recession and how it's affect on the real estate market will be dependent on how long the social distancing policies are in place. If it is for just a couple of weeks then I believe the economic impact will not affect the housing market in a significant way. This is because many employers are offering to pay hourly employees to stay home and not come to work. This is not sustainable and if it goes on beyond a couple weeks we will see massive layoffs. As the layoffs begin to happen we will see the impact to real estate markets begin to show. We may see an influx of inventory in the markets that have had low supply and tilt the balance of power back to being a buyers market. We may also see an uptick in foreclosures as people lose work and are no longer bale to afford the home they live in.
My questions to you all are these:
Are you ready if things get bad?
Ready to weather the storm?
Ready to take action on the opportunities that are bound to arise due to the storm?
How do you all see it playing out?
