Home sales and other economic data from April and May look grim, but thereâs every indication that this recessionâyes, itâs officialâwonât reach the depths of the 2008 financial crisis or last nearly as long. In the latest âPivot in Placeâ video, NAR Chief Economist Lawrence Yun has encouraging insights into why the real estate market will lead the nationâs economic recovery from the COVID-19 crisis, including Mayâs record monthly gain in pending home sales. Buyer demand is there to keep the market moving forward, Yun explains, so you should be ready now to engage prospects.
On top of concerns about the pandemic, itâs hurricane season. That likely brings added questions from potential new customers looking at homes in flood-prone areas. Thatâs why NAR has worked with the Federal Emergency Management Agency on a suite of flood resources to help you advise your clients. Be prepared also to answer customersâ questions about a new, searchable website created to help people assess the flood risk of particular properties. The site shows that millions more homes potentially fall into flood zones than FEMA flood maps suggest.
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