Victoria’s View — April 2020
Living in the Era of Coronavirus
As we pen this newsletter, we find ourselves in unprecedented times. The market was showing signs of rebounding from overpricing and legislative hurdles during the first quarter of 2020, and the Coronavirus spread rapidly around the United States and the world. The number of sales in Manhattan in Q1 actually jumped 13.5% compared to the same period in 2019. This marked only the second time in 2 years that a YoY increase was observed. The stage was set for a strong Spring buyer season.
Just as the world came to a pause because of the coronavirus outbreak, so too, did New York as Americans stay home. During these times of trial and tribulation for many Americans, many of us have a new found appreciate, love, or definition of what Home means. Home — it is no longer simply a physical place. Home has become our workplace, school, gym, daycare, and sanctuary. We recognize that Home is a place of shelter, secure from the outside World.
Because of that, Home is a place where we can weather the storm. Just as we are all weathering the storm at home, we think the market will weather the current storm as well. It is hard to make predictions given the lack of data points currently available, however, the market was building momentum prior to the virus. There was not a profound weakening of fundamentals, but rather an outside force that has created a temporary pause that shall pass. People realize the importance of Home and spending so much time at Home will likely create pent up demand. Buyers that started their search in late
February-early March will return and a pipeline of new demand is being created during this pause. Past crises have typically generated sizable demand as people want to be able to move on with their lives — Sellers list their homes at adjusted pricing based on market feedback and Buyers continue their search, both sides looking to get a deal done and move on with their lives. People will always need to buy, sell, or rent their homes regardless of circumstances.
Times like these show how resilient individuals are — we have been amazed by the way industries, including ours, have adapted nimbly to the New Normal of working. We moved swiftly to shift all business practices to virtual channels in order to maintain business continuity. Communities have come together in a strong way, helping family, neighbors, and healthcare workers to name a few.
We hope you and your families are safe and healthy, and we look forward to connecting with you in-person when the time comes.
We are so thankful for all the healthcare professionals that are fighting on the front lines of the Coronavirus pandemic. They need our help now more than ever. There are many ways you can get involved in your local community while 1) staying home and 2) providing assistance to those most in need.
Our healthcare workers are in need of PPE so they can continue to fight against Coronavirus. You can contribute and learn more about opportunities to provide PPE by visiting getusppe.org.
