As I wrIte this article I wanted everyone to know that we at Coldwell Banker Momentum are thinking of all of our clients, their families and their friends. We wish you health and safety during these unprecedented times. This article was written to provide some positivity about what we can expect in the months to come.
Real estate will return.
Life will go back to normal.
It may not be tomorrow, next week or four weeks from now but the emergency will be lifted and life will go back to some semblance of order. What that order is, how it looks and what the world economy looks like no one can predict.
What we do know is that we will recover and we remain optimistic about that. Economies will rebound and we will be able to start to work in a normal manner once again. We thought it might be beneficial to take a look at the past as it might help us get ready for what we can expect in the months to come. In retrospect there were two significant events in the last two decades caused the real estate markets to slow down. These events altered how we live our day to day lives then and now. Think back to the doom and gloom of travel after 9/11. People were scared, travel was more difficult and time consuming, yet we as society, learned, adapted and today it is part of our new normal.
Looking at some numbers could help in providing confidence moving forward. In September 2001 after the terrorist attack at the World Trade Centre the world stopped and the real estate market across Niagara dropped by about 20% in unit sales. The stagnancy of the market lasted about four months and started to rebound shortly there after. That event was followed by the banking collapse in the United States in 2008. That event caused a meltdown of their market and affected millions of home owners across North America. The impacts felt in Niagara were more significant that what was seen in 2001 and lasted slightly longer. But it did rebound.
What does this mean to you today? We would be lying if we said we had numbers that could prove what was going to happen and we aren’t going to even try. What we do know is that the need will be there for buyers, sellers, investors, tenants and commercial clients. Need will always drive any market condition.
Our message to you today as we sit in limbo is simple. We are doing our part to be involved in the solution and are available to provide support and advice throughout this situation. We can help if it is essential for you to buy or sell and we will be ready for you when you need us when this is all over.