Most of us entered into 2021 with hopes of a brighter year. A year with fewer restrictions, more freedom, and a return to “normal.” Well, we are six months into the year and we are still experiencing the residual consequences of the pandemic. Yes, things are opening back up and our tourists are returning, but we haven’t quite shaken off our pandemic fatigue.
What is Pandemic Fatigue?
It is an expected and natural response to a prolonged public health crisis. Symptoms include a lack of motivation. Restlessness. Boredom. Even depression. The impact of the virus on the daily lives of everyone has taken its toll, and at least to some degree, continues to do so. Masks are still worn (at least indoors) and people are still cautious. Many are wondering if it is safe to go back in the water again. It took us time to adjust to the effects and mandates of COVID-19. It will take us time to readjust as things loosen up.
Pandemic Fatigue and Real Estate
The funny thing is that real estate market never suffered from pandemic fatigue. Sure, there was a pause in the market at the initial shutdown, but the pandemic and the resulting pandemic fatigue, have not slowed down homebuyer activity. Not one bit. If you are in the market or if you have been watching the market, you know that the first months of 2021 have seen rapid growth in home prices. High buyer demand and low inventory have created fierce competition across our island chain.
What’s in Store for Hawaii?
So, what is in store for the summer months in Hawaii, which are typically some of our best months for real estate? With the roll-out of the vaccines, the return of our visitors, and the basic fundamentals that drive our market, we expect the housing market trends to continue. Exactly what does that mean? It means that Sellers will continue to have the upper hand throughout the summer of 2021. With all the pent-up demand and limited inventory, it’s reasonable to expect home prices to continue to climb.
The only real fatigue in the real estate market is Buyer fatigue. Writing all those offers is tiring. Losing out is frustrating. Downright discouraging at times. Yes, the fatigue is real for those who continue to compete for properties, but the high demand for Hawaii property is also real. Very real. And, the demand is expected to remain, at least for a while.
The pandemic has cost us much. The loss has been insurmountable. Devastating for many. We are all more than a little tired and we want to get back to our lives. The pandemic fatigue we feel is understandable. Expected. But, the good news is that it won’t last. We are moving in the right direction. As for the real estate market, it hasn’t suffered from fatigue at all. It is active. Energized. And, on fire!