This is a crazy time for a lot of different industries, but especially the housing market. Lynnette Bowser and Kevin Polakovich joined My West Michigan virtually on Wednesday to talk about the current real estate market and how to navigate it during the pandemic.
Here's some more information the duo provided about why the housing market is likely to be one of the leaders out of this tough economic period:
1. People are spending a lot of time at home. Is it really where they want to live? Do they love it or want to list it when this is over?
2. Working from home works if your home space works for you. Plenty of people are working from home and we see this continuing to be a trend. Does your space work for you? Is your home workspace functional? People and companies may realize they are more productive from home which may lead to people looking for homes with a designated office space. We keep hearing the way we did business before COVID-19 may look very different post-pandemic.
3. Couples are spending a lot of time together. This could result in a life change. We could see a baby boom and may need to make a move to accommodate a growing family. Or the opposite could happen and they could realize they don't really like each other resulting in a home being sold and two being bought. May need to be careful about how we approach this one. Life changes are a big part of real estate.
4. And the biggie! Interest rates! They are low and look to be so for an extended period of time. Low rates lead to more buying power.
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