Despite the pandemic throwing a wrench into so many businesses, resulting in many of them having to close up shop, the housing market is one area of the economy that has been booming. From Atlanta, Georgia to Dallas, Texas, many cities across the nation have remained stable in this area amongst the economic crisis after the pandemic began last year. But the question is, will the market continue to show success once life goes back to normal?
Shalom Lamm is a real estate developer who, throughout his life, has retained large amounts of knowledge about the housing market and trends. According to Influencive, Lamm graduated from Yeshiva University and decided to dive into a career in real estate. After years of hard work and dedication, he was able to establish a successful real estate development company. He then went on to become an entrepreneur, landing a position as CEO of the non-profit organization Operation Benjamin. When it comes to business and the housing market and where it can head in the next few years, Lamm can certainly provide input people can trust about predictions.
Along with housing market experts, Shalom Lamm believes that real estate will continue to be a thriving business even after the pandemic ends. Cities with current successful markets will likely have the pattern continue through 2021. This is because an influx of new residents, businesses adapting to the idea of employees working from home, and small businesses continuously having a tremendous amount of support from locals. In addition, there is a correlation between a booming housing market economy in certain states and the unemployment rates of those states. For example, one of the top markets for housing, Madison, Wisconsin, is currently showing one of the lowest unemployment rates, sitting at just 4.3%. Realtor and President of the National Association of Realtors, Charlie Oppler, stated, “Overall, residential real estate will continue to be an important driver of our nation’s economic recovery and the activity in these markets will help lead the way.” Shalom Lamm, along with others, has faith that the upward progress the housing market is making will not go away anytime soon.
For people who are hesitant about buying a home during these uncertain times, it is smart to wait until the market once again becomes a buyers market, where the consumers have the leverage. Although things are looking up, if this past year has taught the country anything, it’s that you never know what could happen. In the meantime, renting could be a great option due to the fact that there is less pressure. When a problem occurs, it is the landlord who has to put up with it, instead of the recovery costs coming out of your pocket. People also do not have to worry about making a down payment if they decide to rent. Overall, the housing market is in good shape, but consumers should pay attention to trends and when the best time to buy a house would be.
Shalom Lamm, with his many years of experience in the field of real estate, realized that the pandemic has made individuals scared about getting involved in large investments. Many people trust his judgement about what is best and how to properly go about purchasing a home. If someone is anxious to learn more about the market before making such a big decision, they should definitely listen to what Lamm and other experts have to say about it first. That way, they can weigh out all of the options during these trying times to make a choice that works best for them.