Page 54 - Green Builder May-June 2020 Issue

Buyer’s optimism. Almost half of the consumers who planned to buy a house before the coronavirus
pandemic are sticking with their plans now that COVID-19 is here. CREDIT: ADENE SANCHEZ/ISTOCK
Home- BY GREEN BUILDER STAFF
OST ECONOMISTS AGREE
that we’re heading for a
recession. Some project
buyers M with a steep tumble in 2Q
a “short but sharp” event,
20 and a quick rebound in subsequent quar-
Shift ters. Others forecast a longer downturn, with
more dramatic impacts felt throughout the
rest of the year.
The housing market has proven to be CREDIT: ULZA/ISTOCK
Priorities somewhat resilient to pandemics—when
the stock market is suffering, investors look
for safer places to put their money, such as Enjoying clean air. Exceptional indoor air quality will
bonds and real estate. be one of the first things consumers expect when
Pandemic or no, housing market was expected to be vibrant buying a home, making ventilation systems one of the
Prior to the coronavirus outbreak, the
first things on builders’ “must include” lists.
people still want to in 2020—while supply is short, demand the housing market for months to come, CE
has been high due to low unemployment,
notes.
Not everyone agrees with the dire num-
buy homes—but solid wage growth, low mortgage rates, and bers. In a survey by Homes.com, nearly half
high property confidence. But this pandemic
they expect more is different—it’s the first one that can be of its 1,000 respondents who planned to buy
a home before the pandemic are continu-
followed online, and news of COVID-19,
good or bad, real or fake, is easier to come ing the effort. Seventy-five percent of those
health and safety for by. That will contribute to a projected 35 conducting their house hunting online
percent drop in sales this quarter, and a want to continue, coronavirus or not. Sell-
their money. decades-low 4 million home sales, according ers are in a similar position, with close to
to financial research firm Capital Econom- half who started selling before COVID-19
ics (CE). The stay-at-home mandate and sky- keeping their homes on the market. Also,
rocketing unemployment since mid-March only 1 in 4 report suffering from a lack of
are likely to also have a negative impact on traffic. This finding is echoed by a similar

48 GREEN BUILDER May/June 2020 www.greenbuildermedia.com