The housing market has been a roller coaster ride for many in 2020. With the onset of the coronavirus pandemic, the market has seen a sharp decline in activity and prices. This has been especially true in the fourth quarter of the year, as the pandemic has continued to spread and economic uncertainty has grown.
Compass CEO Robert Reffkin recently predicted that the fourth quarter of 2020 will be the lowest point for the housing market. He believes that the market will start to recover in 2021, but that it will take some time for it to fully recover.
Reffkin’s prediction is based on a number of factors, including the current economic conditions, the impact of the coronavirus pandemic, and the overall outlook for the housing market. He believes that the current economic conditions are likely to remain weak for some time, which could lead to further declines in home prices. Additionally, he believes that the pandemic will continue to affect the housing market for some time, as people are less likely to move or buy new homes while the virus is still active.
Reffkin also believes that the housing market will start to recover in 2021, but that it will take some time for it to fully recover. He believes that the recovery will be gradual and that it will take several years for the market to return to pre-pandemic levels. He also believes that there will be some areas of the country that will recover faster than others, as some areas have been less affected by the pandemic than others.
Overall, Reffkin’s prediction is a sobering one for those in the housing market. It is clear that the fourth quarter of 2020 is likely to be a difficult one for many people, and it could take several years for the market to fully recover. However, Reffkin’s prediction should also provide some hope for those in the market, as he believes that there will be a gradual recovery in 2021 and beyond.
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