Understandably, a large majority of people right now are wanting to know how the effects of Coronavirus will impact the economy and the housing market. In response to this, we hear local insights from Dave Futch, Realtor for Hawai’i Life, and market analysis from Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research for the National Assoc. of REALTORS®.
Dave Futch, Realtor of Hawai’i Life, has a breadth of expertise in real estate, having been in the industry on Maui for over 26+ years. When asked recently by his clients what they should expect in regards to their home and condominium prices, as related to the Coronavirus pricing impact, here was his response:
“The breadth and width of any cumulative effect will depend upon how long it takes for the virus to reach its peak and dwindle down,” said Dave.
“My business is still strong, with continued interest from Buyers and Sellers; however, things are being done differently. For example, live showings are very difficult to conduct, considering the current “stay-in-place” requirements.”
Ever since the Governor instituted the travel ban, I have been focused on presenting my narrated walkthrough videos. In the case of mainland buyers, I have shifted to negotiating sight-unseen offers.” he continued.
Actual live showings for folks that are on-island, are completed only after confirming that the prospective Buyers and the Sellers are not sick or showing the COVID 19 symptoms and have not been in contact with anyone that has. Also, masks and gloves are required with a sanitary wipe-down both before and after showings.”
While I refrain from any personal market speculation at this point, I instead look to Dr. Lawrence Yun for reliable market analysis for my clients, who is a renowned leader in real estate and economics.” concluded Dave.
Dr. Lawrence Yun is the Chief Economist and Senior Vice President of Research for the National Association of REALTORS® (NAR). Recently, Dr. Lawrence Yun discussed the impact of COVID-19 on real estate and the economy in an exclusive interview with Brian Buffini, legendary Real Estate Coach and Speaker.
Covering a variety of real estate market topics during the interview, Dr. Yun reveals his belief that a vibrant real estate market should emerge after the coronavirus threat subsides, “it’s going to pass. This short-term virus’s negative impact will pass. Even if it takes a little longer to contain it, there are such solid fundamentals for the real estate market, things will play out very well over the long haul.”
“There will be more people working at home… so we may actually begin to see more people wanting to search for different homes to fit their lifestyle a little better. The housing market has a huge potential for growth.” said Dr. Yun during the interview.
“In this time of crisis, the one place that people had to go to for their safe haven was their home. Their homes became their shelter, their comfort, their lifeboat. Real estate is always going to be this safe haven where people are putting their investment. It seems to me that, as we get ready, there will be a pent-up demand.” stated Brian Buffini.