Real estate update in Portland Oregon. As we move through the weathering phase of COVID-19 and into the recovery and accelerate phases of the economic recovery, speaking with Matthew Gardner, Chief Economist of Windermere was enlightening. Matthew is recognized across the country as one the foremost experts on the economy and how it impacts the housing industry.
Some of the topics that we discussed were:
- With 30,000 businesses across our country currently closed we’re all asking the question as to how this will impact the real estate market.
- The major industries that will be impacted are bars and restaurants and then retail. Many of these employees have been furloughed or let go and many will not be brought back. It is expected that 30% of these industries will not be coming back to work.
- The impact on commercial real estate, that there will be a definite impact on everything from, again, bars, restaurants and retail. Matthew has predicted that 50% of our malls would be gone in 10 years and now maybe that means they’ll be gone in just a few years.
- How this downturn is far different than the previous in the sense that the housing industry was a large part of the previous. This time, the housing industry is likely to be the industry that pulls us through.
- The reason for that is just how important the home has become to everyone. We all want to get it right because we’re spending so much time there now.
- Millennials are house shopping at levels never seen before.
- Those that want to adapt to these times will continue learning, stay deeply connected to their sphere, and get good at working with Millennials.
Additional Resources:
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Podcast: Sound Conversations https://podcasts.apple.com/us/podcast/matthew-gardner-chief-economist-at-windermere-real-estate/id1347518770?i=1000418304757
