Will Real Estate Markets Revive After States Reopen?
When the pandemic first began and shelter-in-place orders dried up housing demand, the question was how the real estate market would fare while states moved into lockdowns. But now, all eyes are on Georgia, Texas, and Colorado as they begin to reopen. Will the markets rebound, or will the economic slowdown’s effects linger? Though it will take time to return to normal levels, Realtors are already reporting more activity in the states that have announced that they are loosening their restrictions. Experts predict both buyers and sellers will return to the market, according to Realtor.com. But health professionals also warn against completely reverting back to the times before the pandemic as the risk of infection still remains.
In the past few days, several states have begun the highly controversial process of loosening stay-at-home orders and restrictions put in place to combat the spread of the deadly novel coronavirus. In the coming days and weeks, many more states, counties, and cities will follow examples set by states such as Georgia, Texas and Colorado as lockdowns expire at the end of the month or in early May.
The impact of these changes won't be felt just by the small-business owners who choose to reopen and the customers who begin resuming their lives in this new normal. The easing of these restrictions will also be felt by the housing markets in these places. But how quickly—and strongly—will they rebound from their period of deep freeze?