For housing, what does this mean? No doubt housing is taking a hit in terms of lowered activity, price plateaus, etc, but the fact remains, housing is a necessity.
What studies are showing is that on average, many Americans who are in a position to save even a little bit, are saving like never before. They are spending less on unnecessary items, and spending conservatively on food and housing. If there's any silver lining in all of this, it's that people have become more conscious of the value of money, and how having even a small amount of savings will be absolutely necessary. This is the new normal. Until there's a vaccine, of course.
Culture is also changing. Working from home is going to be the new norm for sure. Twitter just said that their employees can work from home forever. More companies will follow, I'm sure of it. And why not? The companies won't have to own or lease out expensive office space, and have all the crazy overhead. But of course, employees will be making their own overhead in their homes. They'll need a office corner, or if the space permits, an entire room for a home office. No doubt some people will upgrade their homes for a larger space to accommodate working remotely.
At least until there's a vaccine, the way we socialize will be changed too. In the short term, people will travel less abroad, and more people will have local outings. Some city dwellers will want a yard--I have clients who've said this experience has made them want to have a little piece of the outside for themselves. I also have a few clients who have said that the isolation of living in a suburb is making them go insane, and they want to move where there's some amount of social interaction where there is more life and walkability. At least for the time being, this is helping move real estate in an unprecedented time.
