The COVID-19 Pandemic And The Pacific Northwest Housing Market
Governor Inslee's order to "Stay Home, Stay Safe" for nonessential businesses as of midnight, March 25th is going to have far-ranging impacts on the regional housing market and how brokers deliver their services.
Realogics Sotheby’s International Realty (RSIR) brokers are uniquely positioned to manage the rapidly shifting landscape, but the housing industry needs to exercise care and use sound judgment when offering and carrying out activities that for many have become second nature. For some spheres, this will be among the most fearful and uncertain times they have ever seen. Brokers need to speak and to act in such a way that instills confidence while remaining vigilant to the risks and social perspective.
The impacts on business will be behavioral (in relation to sales and marketing), financial, and market-related. With the majority of the US economy directly dependent on consumer spending, the prospect of a sustained downturn may very well lead to a formal recession, although most market pundits believe a recovery will occur in the second half of 2020.