By Mike Sunnucks | Rose Law Group Reporter
Real estate expert Jim Belfiore expects a bright light at the end of the Coronavirus tunnel for the housing market.
“I do think the bright light there will be pent up demand,” said Belfiore, who is president of Belfiore Real Estate Consulting in Phoenix.
The question is when that will happen and how buyers will process the COVID-19 pandemic and economic impacts.
“I think we have a good 6-month period ahead of us in which demand will be significantly below where it was a year ago. This is going to challenge us all.” said Belfiore.
He expects to see buyers take a short-term, cautious approaches to home purchases after the Coronavirus’ subsides. “People will still be in shock. They still will be very cautious,” Belfiore said.
After that, he projects a more stable real estate market in the fourth quarter and a healthy surge in home buying in 2021.
“I think the home building should expect to see a surge. Next year, we can expect really healthy springtime demand,” Belfiore said.