Busting the Housing Market Rumors A QUICK CORONAVIRUS FACT-CHECK
The stock market has been volatile for the last few months because of the coronavirus pandemic, fueling speculation that a housing crash is imminent. Even the media has constantly compared the market highs and lows to the Great Depression and 2008 Recession. However, our expertise leads us to another conclusion: What’s happening now is very different from what happened in ‘08. So, let’s put aside the speculation and look at the data. FACT: WE HAVE A HOUSING SHORTAGE, NOT A SURPLUS. Just last year, one of local real estate’s biggest worries was the shortage of luxury housing in Naples, and according to Freddie Mac, we have a national housing shortage. This is a major contrast to
2008, when houses were being built faster than buyers could claim them. The fact that demand outpaced supply was a major cause of the recession, as it pushed mortgage lenders to make bad loans. That likely won’t be an issue this year. FACT: WE NO LONGER HAVE A MORTGAGE PROBLEM. This is partly because of the amount of housing available, and partly because the 2008 Recession spurred major changes to the mortgage industry. As Fannie Mae puts it, “Improvements in underwriting, technology, and quality controls — some visible, some less so — have resulted in a fundamentally sounder mortgage system than before the crisis of 2008.” It’s harder to get a mortgage than it used to be. That should mean
people in homes today have better means to avoid foreclosure. The coronavirus relief bill should also act as a buffer against hardship. FACT: IT’S TOO EARLY TO PASS JUDGMENT. It’s impossible to predict how the coronavirus pandemic will develop and change in the next few hours, let alone weeks or months. At this point, we feel it’s too early to make a definitive prediction about what the housing market will look like down the line. However, the conditions going into this pandemic were far better than they were in 2008. The Naples market is weathering this storm, and we’re ready to leverage our years of experience in luxury real estate to ensure every sale or purchase goes in your favor.
DO YOUR PART TO KEEP AMERICA BEAUTIFUL And Maintain Green Living Spaces for Everyone
Have you ever walked through a park and seen a plastic bottle or wrapper lying on the ground? If so, did you pick it up and properly dispose of it? You might not have realized it, but in that moment, you took a small step toward keeping your community — and, by extension, America — beautiful! April is Keep America Beautiful Month, and folks who celebrate aim to help each community in every state stay clean and green. Created by the nonprofit organization Keep America Beautiful, this holiday offers a perfect opportunity to roll up your sleeves and work to better the place you live in. Here are three ways to show your appreciation for a green America this month. TAKE ACTION ONLINE. With the current COVID-19 pandemic sweeping the world, it might be difficult to get outside and participate in a few community cleanup programs. But that doesn’t mean the public still can’t participate in Keep America Beautiful Month. April 22 marks the 50th anniversary of Earth Day, and to celebrate, Earth Day Network is providing digital events for everyone around the world to take part in. Follow Earth Day Network’s social media accounts and stay
updated on efforts to keep the Earth green or participate in an event yourself! For more information, visit EarthDay.org. START PLOGGING. If you’re passionate about staying active and cleaning up your neighborhood, then this is the perfect activity for you! Plogging combines jogging and picking up litter, which takes care of your health and keeps your community clean. Anybody can do it: Just throw on your running shoes, grab a bag, head out the door, and pick up any stray bits of trash you see on your morning jog or evening walk. IMPROVE RECYCLING THROUGH EDUCATION. An important goal during Keep America Beautiful Month is to spread awareness about recycling. There are various ways to educate those around you about recycling and encourage them to do their part. At work, for example, you can volunteer to lead a recycling initiative by printing off guides and fostering discussions on why recycling is so essential. At home, you can make a commitment with your family to fulfill the three R’s of recycling: reduce, reuse, recycle. To discover more ways to participate in Keep America Beautiful Month, visit their website at KAB.org today!
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