It’s a trying time for the housing market right now, and we feel for those who rely on it for their livelihood and work hard to ensure its success.
We also recognize the news that that the plunge of home sales in recent months amid the COVID-19 crisis comes as no surprise. It gets the “no (fooling) Sherlock’’ reaction.
When you urge the populace to stay at home and hunker down for an extended period of time the last thing on most people’s minds is either selling their home or seeking out another one.
Whether home be a palace or a hovel, it stands as a sanctuary. Even those in less than ideal living arrangements are likely to stir enough resolve to wait it out.
And while these are special circumstances, the housing market has traditionally slowed when a crisis emerged. It’s becoming a frequent refrain as we examine the ramifications of the pandemic: “We’ve been here before.’’
Real estate activity will surely perk up as the threat subsides. It’s even fair to say that when home sales spike, it will be a sure sign the coronavirus curse is in a firm downward spiral. We avidly root for the day the reversal arrives.