Advice on how to manage during the COVID-19 pandemic is coming at us from all angles. However, as Albert Einstein said, “In the middle of difficulty lies opportunity.”
But, what does that mean for housing at the moment?
The current landscape is rapidly changing. During a recent presentation, Ali Wolf, chief economist at Meyers Research, said that the national unemployment rate rapidly shot up from 3.5% to around 14.0% in a matter of weeks and home sales are slowing after a strong start to the year. Her data shows a 46% drop in new home contracts from February to March as stay-at-home orders slowed builder traffic.
Wolf expects that normalizing will not be seamless, actually extending to around 18 months, for a variety of factors, including low consumer confidence due to lack of job security and the risk of exposure to the virus. Builders also report receiving notices from suppliers telling them to anticipate delays in the coming months, further slowing down construction.
So, how do we seize the day? How do we turn these difficult times into opportunity? I spoke with a slew of marketing geniuses from every aspect of the housing community and here is our collective advice.
Read the full article at Forbes.com