Tuesday, June 2, 2020 / by Teresa Dipeso
This is a Health Crisis, not a Housing Crisis
If you’re worried about how COVID-19 might affect your home value, I’m keeping my ear to the ground by virtually networking with a lot of smart people, consuming stats, and looking back on history to answer that question.
The units of residential resale housing on the market are low right now, about a five months’ supply nationwide1, and much lower in some areas. There are not enough homes on the market, therefore your home value most likely won’t decline due to supply limitations.
Demand is High
People are still buying homes. According to projections, the number of households in the US will grow by 12.2 million between 2018 and 2022.
Real Estate is Less Erratic
Another outcome of the pandemic will be the increase in viewing real estate as a financial asset. As the stock market shows its volatility, real estate doesn’t see the impact, from a historical perspective. In most every recession we’ve had, housing prices have remained stable.
Real estate is one of the most secure assets we have, and I remain bullish on this market. We could even see a boomlet after this is all over.
The support of our local small businesses has never been more critical. Here are some ideas to help those that need it most.
Shop small at local small businesses Buy an online gift card from your favorite restaurant, yoga studio, or local business. You can stock up on gifts and do good for your local places without taking up all the space in your pantry, too.
Buy groceries for neighbors
There are plenty of people right in your neighborhood who need help, too. If you are healthy and willing to brave empty shelves and potentially longer waits, you can help them get the food and supplies they need to ride out this tumultuous time.
Order food delivery from your favorite place
Just because bars and restaurants are closed to in-house dining, doesn’t mean you can’t get your pizza fix on. In fact, delivery is currently the only way that restaurants and their employees are making any money right now.
Avoid hoarding or overbuying essentials
First and foremost, in keeping others safe and feeling secure, is ensuring that you don’t over-buy or hoard essential items. It’s scary to see empty shelves when you are out of a particular item but know that most stores across the nation are doing their best to restock within one to two days.
Most grocery store employees, delivery folks, and medical professionals are slammed and exhausted. They're out there, dealing with the public during a really chaotic time. Showing them a little patience and kindness can make a world of difference, so do your best to be kind.
Working Remotely: A checklist for your mental health.
Keep a regular schedule: Create and maintain a routine and schedule. Don't forget to include periodic breaks for recharging in your schedule.
Stay connected: Stay connected with family, friends, and support systems using technology like FaceTime, Skype, Google Hangout, and other video-based options.
Keep your immune system strong: Get enough sleep, eat well, and stay hydrated.
Exercise and stay active: This is not only good for your physical health but also your mental health. Periodically, get up and move around your home.
Get fresh air: If circumstances allow, go outside for a brisk walk and fresh air, but avoid crowds and try to maintain the recommended 6-foot distance with others.
Set boundaries on work schedule: When working from home, be sure that you are working reasonable hours.
Distract and redirect: Engage in activities that benefit your well-being, bring you joy, and distract you from existing challenges.