BROADCASTS.com

\u201cIt\u2019s going to pass. This short-term virus negative impact will pass.\u201d \u2013 Dr. Yun

\xa0

In these uncertain times, it\u2019s 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.

\xa0

YOU WILL LEARN:\u2022 How fluctuations in the economy will impact the real estate market. \u2022 If the Spring selling season will be pushed back into Summer. \u2022 Why the economy and the real estate industry will bounce back.

\xa0

INSPIRATIONAL QUOTES FROM THIS EPISODE:

\u201cWe have faced many, many different crises in the past as a country.\u201d \u2013 Brian Buffini

\u201cHousing is on very solid ground, yet we are running into this economic quarantine ... that is shutting down the economy temporarily.\u201d \u2013 Dr. Yun

\u201cThe banking industry is in a completely different spot than it was going into the last recession.\u201d \u2013 Brian Buffini

\u201cNo matter what, this is going to be a shorter-term situation than what we faced with the last recession.\u201d \u2013 Brian Buffini

\u201cIf 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.\u201d \u2013 Dr. Yun

\u201cWe had a housing shortage going into this virus situation. And if the duration of this virus negative impact is short \u2026 we\u2019ll run into the housing shortage right away again.\u201d \u2013 Dr. Yun

\u201cIf you don\u2019t sell, you haven\u2019t lost anything.\u201d \u2013 Brian Buffini

\u201cIn 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.\u201d \u2013 Brian Buffini

\u201cIf 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.\u201d \u2013 Dr. Yun

\u201cIf there is a short duration Coronavirus impact, then we will see a fairly robust late Summer going into Fall home sales market.\u201d \u2013 Dr. Yun

\u201cIt\u2019s almost impossible to project at this stage\u2026Data is a rear-view mirror.\u201d \u2013 Brian Buffini

\u201cIt seems to me that, as we get ready, there will be a pent-up demand.\u201d \u2013 Brian Buffini

\u201cIt seems like the real estate business as a huge sector of the economy is actually poised to still perform pretty well.\u201d \u2013 Brian Buffini

\u201cHousing is on very solid ground if we were to go into a recession.\u201d \u2013 Dr. Yun

\u201cReal estate is always going to be this safe haven where people are putting their investment.\u201d \u2013 Brian Buffini

\u201cIn many ways, we\u2019re well set up for this crisis on a major level.\u201d \u2013 Brian Buffini

\u201cThe 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.\u201d \u2013 Dr. Yun

\u201cHalf of Americans don\u2019t have any exposure to the stock market, so they\u2019re just looking at the low mortgage rates.\u201d \u2013 Dr. Yun

\u201cOnce the all-clear signal is addressed to say the virus situation is over, I think we\u2019re going to see a great robust rebound in people searching for homes.\u201d \u2013 Dr. Yun

\u201cPeople need to be reminded to be resourceful.\u201d \u2013 Dr. Yun

\u201cStay at home, but if you\u2019re staying at home, how can you be resourceful?\u201d \u2013 Dr. Yun

\u201cI would like to see more home building activity come onto the market once we go past this crisis.\u201d \u2013 Dr. Yun

\u201cIf one feels that their job is secure, and many jobs are\u2026take advantage of the record-low mortgage rates\u201d \u2013 Dr. Yun

\u201cMaybe there are less buyers out in the market during the crisis, which means there\u2019s less competition and better price negotiation potential.\u201d \u2013 Dr. Yun

\u201cRight now, home is the only safe place that you know you have.\u201d \u2013 Brian Buffini

\u201cThere will be more people working at home\u2026so we may actually begin to see more people wanting to search for different homes to fit their lifestyle a little better.\u201d \u2013 Dr. Yun

\u201cThe housing market has a huge potential for growth.\u201d \u2013 Dr. Yun

\u201cOver the next five years, probably four of those five years will be an improving year.\u201d \u2013 Dr. Yun

\u201cPeople who are planning for the future long term in real estate, they will do well.\u201d \u2013 Dr. Yun

\u201cWhen you have a bit of a longer-term perspective, it seems to take you out of the short-term panic.\u201d \u2013 Brian Buffini

\u201cThe sky is not falling. This is a difficult time. In many ways, this could be our finest hour.\u201d \u2013 Brian Buffini

\u201cIt\u2019s going to pass. This short-term virus negative impact will pass.\u201d \u2013 Dr. Yun

\u201cEven 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.\u201d \u2013 Dr. Yun

\xa0

https://www.TheBrianBuffiniShow.com

http://www.brianbuffini.com

Instagram: https://www.instagram.com/brian_buffini\xa0

Facebook:\xa0https://www.facebook.com/brianbuffini

Twitter:\xa0https://twitter.com/brianbuffini

Theme Music: \xa0\u201cThe Cliffs of Moher\u201d by Brogue Wave

Hosted on Acast. See acast.com/privacy for more information.