Talked to a friend who was in Florida doing business and he was shocked at the hotel he was staying in. They had no food service at all in the hotel. He had to walk to Circle K just to get some bottled water and snacks.
The housing market in northern Ohio is thriving and homes are being sold almost 3-1 on new homes coning on the market. That means there is a lot of pressure on prices to go up and there is a lack of inventory to boot.
I get calls from potential tenants that cannot find a place to live. I think this will be a bigger problem as the year goes further. Unless there is more inventory to purchase and lease then this will also put pressure in leasing prices.
The key will be when they let the business's open and we can get back to a regular life. There needs to be certainty in business, you cannot forecast anything when the states keep opening and closing business's. This effects business owners and how they can operate their business's.
Housing is a part of life everyone needs and they will always want the best locations for it. That is why I think the housing market will remain strong for the next 3-5 years. There is no pent up demand for housing, it's a necessity to have and there are a lot of people moving to new places and getting new careers.
This is a different time, because none of this was caused by a bad economy, it was caused by direct orders from the government. There was no bad economy or inflation that caused the economy to go bad it was caused by this health issue.
When all the business's are allowed to open again and life goes back to normal the economy will thrive again. That will cause prices to go up even more, and hopefully we will have more inventory.
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I'm Brett ICON Agent at EXP Realty 216-703-5740 or text "information" to 1-937-500-0745
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Thank you