In the first days of the COVID-19 pandemic, economists predicted that the market for goods and services would grind to a halt for months or even years to come. However, in reality, the real estate market, including both the selling of homes and the improvement of existing properties, has grown in strength over the intervening months. Even for homeowners who aren’t thinking about selling, home renovation projects are experiencing unprecedented interest and generating robust economic activity.
Why Now Is the Time to Upgrade Your Space
As recently as last year, industry observers saw the real estate market moving further toward smaller homes and predicted the demise of sprawling McMansions and large luxury properties. What a difference a few months can make in changing lifestyles and the types of activities taking place within the home.
The Difference Between a Recession and a Housing Crash
For many homeowners, the word Recession is practically synonymous with the 2008 mortgage meltdown. It brings to mind neighborhoods filled with For Sale signs and a massive foreclosure crisis. However, this is an artificial association based on recent history. If we take the long view of the economy, Recessions are generally no more likely to create significant housing downturns than any other movement in the economy.