What Will The Future Bring?
By Jim Palmer Jr.

The devastating consequences of the Covid-19 closures have affected most of us in significant ways, some more than others and for sure those who have lost loved ones. If you are like me you are sick and tired of the restrictions and the imbecilic nonsense and inconsistency of many of the seemingly arbitrary rules. We’re all ready to get back to work and pick up the pieces of our businesses and jobs or careers, or at least be able to go fishing! The questions that I receive everyday from interested folks is how has it affected our business and how will it affect the real estate market in general.

Of course none of us really know the answer to the last question, but I can tell you that as restrictions have eased somewhat, the calls continue to increase and buyers are ramping up their stalled efforts to find a home. We expect that growing trend to continue exponentially as the transition back to the new normal continues. We also expect a flood of new activity once the Stay At Home Order is totally lifted.

In the beginning of the new year (2020), the real estate market in the Spokane region was one of the hottest markets in the country and probably the best start we’ve ever seen in this area, but when the governor ordered us to Stay Home that activity came to an abrupt halt, if only just for a few weeks, until folks came to their senses and figured out how to function at least on a limited basis.

When Realtor® Association leaders convinced the governor to modify his order, restoring real estate to the essentials list, it came with stipulations; one of which was that there can only be two people in a house at the same time.  That modification allowed people with signed contracts to progress towards closing, albeit on a much slower time table. Everything is slower simply because many of our affiliates are working from home and government workers such as inspectors are not working at all. Some recent modifications have allowed showings to continue (with distancing rules) and contractors are slowly getting back to work.

I don’t suppose any of us will ever really be made whole in terms of economics, but I believe those of us in the real estate business should brace ourselves for a surge, but still with an acute lack of inventory.