Will Coronavirus Affect NYC Real Estate Markets?

The Coronavirus pandemic has wrecked markets left and right. It all started with press releases by Apple and CDC. On February 20, 2020, Apple released a press conference talking about how the Coronavirus might effect revenue and supply chain without getting into any estimates. A few days following that announcement, the CDC issued a warning to Americans about how the Coronavirus would start to hit the USA.

All of this caused back to back drops in the stock market with over $3 trillion in valuation being sold off according to the Wall Street Journal. With panic comes opportunities, but for most people, it is not knowing what and when those opportunities are.

Many analysts talk about how consumer discretionary stocks or industries are going to be effected. Real Estate could be considered one of those in an environment that induces short, medium or long term panic. Usually when people are uncertain of the future, they hold off on spending money and hold cash. Real Estate is usually driven by supply and demand, so buyers might wait for an opportunity to buy homes at the best prices, whereas sellers usually hold off on selling.

Most people follow the herd, a real psychological phenomenon where people follow what the trends are such as selling off stocks in a frenzy during a down market. Also, psychologically for most people, losing money hurts more than winning money. This causes a unique event where people hold onto investments that are losing money because they don't want to feel the pain of selling it off at a loss.

Opportunities are everywhere. Each home buyer or seller has different goals. My goal is to look at where the market is headed and to offer you the most viable solutions according to my opinions and analysis. If you wanted to meet me over coffee for a free consult, I know a great place in the city to facilitate that discussion. Till next time; be sure to subscribe to my YouTube channel and follow this blog. I update them every week!
Will Coronavirus Affect NYC Real Estate Markets? Will Coronavirus Affect NYC Real Estate Markets? Reviewed by Alex Sung on March 03, 2020 Rating: 5

No comments:

Powered by Blogger.