The Coronavirus (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen coming. This is more like 9/11 than 2008. Read on to learn more and how your Door County real estate buying experience might be affected
Is This Like 2008
While many are wondering if this is a situation like 2008, David Rosenberg Chief Economist for Gluskin Sheff & Associates sees a more accurate comparison:
“What 9/11 has in common with what is happening today is that this shock has also generated fear and anxiety among the general public. People avoided crowds as they believed another terrorist attack was coming and are acting the same today to avoid getting sick. The same parts of the economy are under pressure – airlines, leisure, hospitality, restaurants, entertainment – consumer discretionary services in general.”
It’s More Like 9/11
9/11 has a lot in common with what is happening today.
People are avoiding crowds and the same part of the economy is under pressure.
If you take a look at the graph below, you see that during the “Dot.com” scare and after the 9/11 terrorism attacks, the stock market showed volatility like we’re seeing today.
However, the housing market wasn’t affected, and home prices actually appreciated.
What About Door County
Door County is not completely isolated from the world, and with stay-at-home orders in place now for Wisconsin and Illinois there is a concern about getting out to view properties.
For the want-to-buy buyer, or just looking buyer, shopping for real estate online continues and prevails. Good information, good photos, and then contacting your Realtor for more details will probably give you all you need right now. If that perfect property does appear we can do a lot to help you get even more comfortable with it. Video tours, and even better FaceTime tours (for those who have an Apple device) can really help a buyer know how the home, condo, or even a piece of land feels.
We don’t have a lot of must-buy buyers in Door County, but there are always a few and we can use many of the same tools for you. Of course, access to homes for future viewings, inspections, appraisals, and the like will likely change as the stay-home orders increase.
Shop for Door County real estate online, call me at 920-493-5472 for more details on any Door County property, and know that we will come out of this crisis and homeownership will remain an American dream.