Impact of COVID-19 on the Spokane Housing Market: Two Views

Every day I read articles and hear local news reports about the impact that COVID-19 has had on our local economy.  Thousands of people have been forcibly furloughed from their jobs and many businesses have been shuttered for good.  Truly this pandemic has changed lives as well as our way of living now and possibly forever.

There have also been reports written about the state of our regional real estate market.  When our governor issued the directive requiring everyone to “Stay Safe and Stay Home”, hundreds of real estate transactions were put on hold until the parties determined to be essential to skillfully complete those transactions had been identified.  However, the “rules of engagement” Realtors were forced to dutifully follow made listing and showing properties quite difficult:  No more than two people in a home at one time (meaning the Realtor and one other person), wearing of masks and latex gloves, showings by appointment only, proof of Buyer qualifications, etc.  These restrictions compelled many Realtors, Sellers, and Buyers to temporarily hold off on engaging in real estate activities.

Yet at the same time, I have personally experienced a real estate market that has powered through it all.  Have a look at the data on pages 3 and 4 of this newsletter.  Dozens of us full-time Realtors have worked tirelessly to help people continue to live their lives, which often requires the buying and selling of homes.  From March 1st through May 31st I have personally helped people close on 16 real estate transactions.  Now we’re entering into the busiest moving period of the year and people are moving forward.  Contact us to talk about possibilities.

Rich King