- Some builders saying people still buying
- Builders are exploring new ways for buyers to buy homes
Despite saying that the coronavirus is a “circuit breaker,” Stuart Miller, executive chair of Miami-based Lennar Corp., announced that the company is suspending “guidance in light of the crisis” while, nonetheless, the company is selling homes.
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Miller said, “Even in the current environment, we are selling homes, people are attracted to the safety and security of our homes…and since the end of last quarter, new orders continue to be strong.”
Lennar Corp is exploring new ways to buy homes such as through the company’s digital programs and drive-through closings whereby purchasers can close on their home without leaving their car.
Even though Miller is whistling an upbeat tune, the city government in Boston has halted Lennar’s new home construction. Other governments in other markets may do the same.
Additionally, new home construction companies are beginning to lay off workers.
Lennar is considered a bellwether in the homebuilding industry as is known for affordable, no frill, simple homes that are considered perfectly suited, in “normal” times, for first-time buyers. The company reported a strong first quarter in 2020 with net earnings totaling $398.5M compared with $239.9M net earnings in Q1 2019. New orders also increased +18% on a y/y basis in Q1 2020.
How other homebuilders perform from this time forward is anyone’s guess now that, as Miller said, the coronavirus has broken all the circuits.
Thanks to TheRealDeals’ Keith Larsen.
Also read: IMPORTANT UPDATE from NYSAR Regarding Real Estate Activities Allowed and Not Allowed in COVID-19 Emergency, Podcast: Real Estate Market Crash Here? What You Must Do NOW!, Podcast: 4 Things You Must Do Now!