It's a Good Life This Too Shall Pass – an Interview with Dr. Lawrence Yun #201
“It’s going to pass. This short-term virus negative impact will pass.” – Dr. Yun
In these uncertain times, it’s vital to arm yourself with facts so you can prepare for and deal with any challenges. In this special bonus episode, Brian interviews NAR Chief Economist Dr. Lawrence Yun and gets his take on how the economy and the housing market will be affected by the Coronavirus. Replacing fear with facts, this content will help you navigate this difficult time for our country, our world and specifically our marketplace.
YOU WILL LEARN:• How fluctuations in the economy will impact the real estate market. • If the Spring selling season will be pushed back into Summer. • Why the economy and the real estate industry will bounce back.
INSPIRATIONAL QUOTES FROM THIS EPISODE:
“We have faced many, many different crises in the past as a country.” – Brian Buffini
“Housing is on very solid ground, yet we are running into this economic quarantine ... that is shutting down the economy temporarily.” – Dr. Yun
“The banking industry is in a completely different spot than it was going into the last recession.” – Brian Buffini
“No matter what, this is going to be a shorter-term situation than what we faced with the last recession.” – Brian Buffini
“If it is of short duration, one can anticipate quite a strong real estate rebound after say one or two months of somewhat of a lacklustre activity.” – Dr. Yun
“We had a housing shortage going into this virus situation. And if the duration of this virus negative impact is short … we’ll run into the housing shortage right away again.” – Dr. Yun
“If you don’t sell, you haven’t lost anything.” – Brian Buffini
“In this time of crisis, the one place that people had to go to for their safe haven was their home. Their homes became their shelter, their comfort, their lifeboat.” – Brian Buffini
“If it (the economic shutdown) is of short duration, it will be just a delayed Spring buying season. It could be in August or September when we see that normal Spring buying season occur.” – Dr. Yun
“If there is a short duration Coronavirus impact, then we will see a fairly robust late Summer going into Fall home sales market.” – Dr. Yun
“It’s almost impossible to project at this stage…Data is a rear-view mirror.” – Brian Buffini
“It seems to me that, as we get ready, there will be a pent-up demand.” – Brian Buffini
“It seems like the real estate business as a huge sector of the economy is actually poised to still perform pretty well.” – Brian Buffini
“Housing is on very solid ground if we were to go into a recession.” – Dr. Yun
“Real estate is always going to be this safe haven where people are putting their investment.” – Brian Buffini
“In many ways, we’re well set up for this crisis on a major level.” – Brian Buffini
“The fact that we are in a very accommodating monetary policy means mortgage rates will be at historic lows. The most recent data shows about 3.3 percent. It could even go down to 3 percent.” – Dr. Yun
“Half of Americans don’t have any exposure to the stock market, so they’re just looking at the low mortgage rates.” – Dr. Yun
“Once the all-clear signal is addressed to say the virus situation is over, I think we’re going to see a great robust rebound in people searching for homes.” – Dr. Yun
“People need to be reminded to be resourceful.” – Dr. Yun
“Stay at home, but if you’re staying at home, how can you be resourceful?” – Dr. Yun
“I would like to see more home building activity come onto the market once we go past this crisis.” – Dr. Yun
“If one feels that their job is secure, and many jobs are…take advantage of the record-low mortgage rates” – Dr. Yun
“Maybe there are less buyers out in the market during the crisis, which means there’s less competition and better price negotiation potential.” – Dr. Yun
“Right now, home is the only safe place that you know you have.” – Brian Buffini
“There will be more people working at home…so we may actually begin to see more people wanting to search for different homes to fit their lifestyle a little better.” – Dr. Yun
“The housing market has a huge potential for growth.” – Dr. Yun
“Over the next five years, probably four of those five years will be an improving year.” – Dr. Yun
“People who are planning for the future long term in real estate, they will do well.” – Dr. Yun
“When you have a bit of a longer-term perspective, it seems to take you out of the short-term panic.” – Brian Buffini
“The sky is not falling. This is a difficult time. In many ways, this could be our finest hour.” – Brian Buffini
“It’s going to pass. This short-term virus negative impact will pass.” – Dr. Yun
“Even if it takes a little longer to contain it, there is such a solid fundamental for the real estate market, things will play out very well over the long haul.” – Dr. Yun
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Theme Music: “The Cliffs of Moher” by Brogue Wave
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