I have worked through 20 years of market highs and lows and several major market disruptions. How we think the market will look as we go forward?
- One important reason for optimism is the fact that we went into this crisis in the middle of a strong market that was correctly priced.
- When the pandemic hit we were having a very strong quarter with indications this was going to be a banner year.
- This crisis is not like 9/11 and 2008 where the market was over valued.
- Talking to Joe Rand we both believe this pandemic will play out more like Hurricane Sandy which was a disruption. Granted this is a definitely a much bigger disruption, but ultimately a temporary one.
- There are reasons for optimism. I see huge pent-up buyer demand, historically low interest rates, and many sellers waiting to get their homes on the market.
- As we all hunger to get back to normalcy and an excitement to get back to our lives I believe motivated buyers and sellers will be decisive.
- Not unlike 9/11 I think there will be a certain amount of accelerated urban flight bringing more buyers into our market.
- My own experience over this last week has been an uptick in phone calls from NYC buyers.