Although, President Donald Trump, has, on several occasions, seemed to equate the importance and value of public health (and, therefore, human life), with the hardships, financially, and economically, caused, by closing the economy, the reality is, quality leadership must balance these needs, and ramifications. Despite, the fact, public health experts, not only within this country, but, throughout the world, warn us, this pandemic will get even more horrific, unless/ until, the vast majority of people, wear a mask, and use, social distancing, the present occupant of the White House, sends mixed – messages, supports conspiracy – type, theories, and endorses, unproven/ untested, treatments and medicines/ drugs, as the miracle cure. By, refusing to focus, first, on public health needs/ dangers, his approach, not only risks additional lives, etc, but, prolongs the stresses on many businesses, and the overall economy. With that in mind, this article will attempt to, consider, review, and discuss, 7 post – pandemic, ramifications, impacting real estate, and the overall economy/ economic recovery.
1. Some areas benefit/ others harmed: Already, we have witnessed, a significant upheaval in the residential real estate market. High – rise, denser locations, are far less popular, and many suburbs, have, thus far, benefited! Will this be, an ongoing trend, or, only, a short – term, knee – jerk, reaction? The last few months, we have witnessed an explosion in the residential real estate market, in some regions, with limited available properties, and rising prices. Many bigger cities, on the other hand, have seen home prices, driven – downward! In addition, today’s record – low, mortgage interest rates, are fueling this market, but, how long, will this continue?
2. Some styles/ types benefit/ others not: Thus far, commercial real estate has taken the brunt – of – the – pounding, while some parts of the residential market, has done well! We’ve seen more people, looking for homes, with more grounds, swimming pools, schools with smaller class – sizes, etc. Denser neighborhoods have been far less popular!
3. Will distance/ remote/ virtual working, be more prevalent: When the pandemic caused closings, many businesses moved much of their operations, off – site, and used a variety of virtual forms of working. While these have positives, and negatives, will this become a more significant trend, in the future?
4. Mortgage interest rates: How long will the real estate market, be, propped – up, and helped, by record – low, mortgage rates? While the Federal Reserve has announced, they plan to continue these low rates, for a considerable period, we have, previously, witnessed, changing policies, due to evolving needs, and conditions.
5. Changing job market/ employment: There is little doubt, we are experiencing a changing economy, job mark, and, both, the overall unemployment rate, as well as type of employment. Although, the President, often, brags about the job growth, in the last couple of months, instead of growth, it actually represents about 10 million, restored jobs, out of over 22 million, lost ones. Many studies indicate, a widening – gap, between the haves, and the have – nots! It seems, a significant percentage of businesses, which closed, will never reopen, and, to – date, we have not seen, a clear – cut, plan, to address this, proactively, sooner, rather than later!
6. Changing business environment/ types: Which industries will benefit, most, and which, might be the biggest losers? A few months ago, when the Governor of New York, suggested the need, to address infrastructure improvements, to President Trump, the President seemed unwilling, to seriously discuss, a path – forward!
7. Will post – pandemic mentality, be similar to post – Depression?: Growing up, my parents often discussed, something called, Depression mentality, which was being overly carefully, building a significant nest – egg/ security blanket, and diversifying, in order to protect oneself. After, so many, experienced, such an extreme degree of suffering, from this pandemic, not only, from a health perspective, but, also, an economic one, how will this affect their attitudes, going – forward?
The health, and economic impacts of this pandemic, have been horrific, and concerning. It should demonstrate, we need leaders, who follow science, data, and listen to the experts! Wake up, America, before it’s too late!
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, and worked on political campaigns, for 4 decades. Rich has written three books and thousands of articles. Website: http://plan2lead.net and LIKE the Facebook page for common sense: http://facebook.com/commonsense4all
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