May 2020 Blog: COVID-19 & Real Estate
The Coronavirus Disease 2019 (COVID-19) has changed everything for everybody. The physical, emotional and economic toll is incalculable at this time. So I would rather point out the positives for the future even with the new normal still being evaluated. The economic down turn in 2019 is much different than 2008. In 2008 bad loans were given out with the help of predatory lending. There were unscrupulous bankers engaging in credit default swaps, and there was no oversight! Prior to this pandemic, the economy was on solid ground as well as the housing market. Here, the real estate inventory was low, which was good for Sellers, and the interest rates were low, which was good for the Buyers. This reality has not changed. Yes, the economic impact has been brutal, but as the economy slowly comes back, so will the Buyers & the Sellers. It will NOT take 7 years for a recovery. That’s Just my two cents!!
Here is an informational tidbit on this virus – A frequently asked question: the Name of the virus – here’s facts from the Center for Disease Control’s website: On February 11, 2020 the World Health Organization announced an official name for the disease that is causing the 2019 novel coronavirus outbreak, first identified in Wuhan China. The new name of this disease is coronavirus disease 2019, abbreviated as COVID-19. In COVID-19, ‘CO’ stands for ‘corona,’ ‘VI’ for ‘virus,’ and ‘D’ for disease. Formerly, this disease was referred to as “2019 novel coronavirus” or “2019-nCoV”.
There are many types of human coronaviruses including some that commonly cause mild upper-respiratory tract illnesses. COVID-19 is a new disease, caused be a novel (or new) coronavirus that has not previously been seen in humans. The name of this disease was selected following the World Health Organization (WHO) best practice for naming of new human infectious diseases.