What a crazy year this has been! Who could have foreseen a national pandemic in the midst of Presidential election year?
In the wake of the Presidential election, Energy Realty hosted an outdoor Movie Night on the Lawn for our clients and agents last weekend. This was the perfect venue for social distancing and gave everyone a chance to get out and see other people in a safe environment while watching a movie. I spoke to several people clients and agents who were happy to just break up the long routine of isolation we have all been faced with this year.
As COVID-19 cases are on the rise again worldwide, and a Presidential election is being finalized, there is a lot of speculation about how all of this will impact the real estate market and the economy. At this time, all opinions are speculation.
While the writing is on the wall that the aftermath of COVID-19 could slow down the economy as government assistance is coming to an end, and many businesses could be forced to close, resulting in more unemployment. This slow down is a direct result of COVID-19 and not the new President Elect. The challenge for any president is to implement damage control.
Despite the doom and gloom that both parties have speculated over following the election results, the bottom has not fallen out of the stock market, and I doubt the bottom will fall out of the real estate market as a result of the election. Let’s face it, until a COVID-19 vaccine is found, we will continue to spend more time at home so our homes have become our sanctuaries and remain our most important investment.
Coupled with low interest rates, home sales should remain strong into 2021 but the big factor that could shift home sales is employment. Oil & Gas is not predicted to revive in 2021 and big layoffs are being announced every week. 2021 could be another unpredictable year.
Written by Sherry Campbell