Evidence suggests that this is among the most successful ways to slow the dissemination of this corona-virus worldwide. To share a couple of items. Number one, we’re going to come through this and we’re going to get out of it. You both have the impact of the corona virus-induced healthcare panic and this sharp economic change.
People realize that because of these consequences, there are millions of Americans who will miss their jobs either on a short-term or even a longer-term basis. In weeks, or maybe a few months, it’s not going to be over. The blow to the nation’s economic structure will take time to recover, but it will recover. Still, it has.
I relate to these few things as just impressions from an old timer who has been in the field for 43 years and in the 80s and then again in the early 90s and then again in the 2000s during downturns, intense ones. This is not supposed to be a kind of turn-down accommodation, but we’re supposed to have one.
Irrespective of twitchy-low interest rates, home prices would slide. People are not going to respond or respond the same here in terms of their perception of their houses, whether they be first houses, second homes, or holiday homes, as they lose their jobs, lose their sources of income, and risk $6 trillion in expected stock market losses. People are changing their perspective and behavior.
A few thoughts about it. Because of these incredibly low interest rates, we completely anticipate that the best segment of the market will stay the entry level and rise up the ladder and there will be huge prospects due to the growing unemployment that did not exist even a month ago for people who sustain their jobs and have the resources to buy homes who will reap the benefits of such record low interest rates.
But if your company continues to rely on the high end, may also want to start operating away from the high end to diversify your client base. It’s just a case of historical evidence that in terms of unit revenue, the high end in the extreme downturns goes lower and takes much longer to resume normal.
Finally, some of the things that have been going on through hunkering down and people working from houses, scattered careers, and the increase of online shopping and the growth of eating out and commuting by dining, if you will, it’s my opinion that all of the things we’re being asked to do to improve the way we work and live, in truth, we’re not going to go back completely to the old days.
The internet is changing everything. It is transforming the relationship between goods and service manufacturers and customers, but it is also shifting the way schools and state systems function.
According to Halo Homebuyers, one of the major differences will be when we finally figure out that we can teach people at college level without having to endure the expense of taking them to costly educational encounters, and that more and more individuals can want to get their education that way and from very fantastic university programs. Because of the Corona-virus, there will be many improvements that will not see people going back to the way life used to be.
Last, we’re moving out of this. We already have, and the resilience of this country’s population and economic structure is going to take a while, but we’re going to get out of it. And the dream of owning a home in America will endure and will triumph.