How much will the industry change?
The coronavirus has changed the world in almost every way. Whether these changes are permanent or temporary, the pandemic and the economic crisis that came with it will have some lasting effects on all most of us.
The way we socialize, work, exercise, eat and pretty much do everything else is and will be different for the foreseeable future. The question some may be asking is how different will buying and selling of homes be and additionally how are real estate investors operating under the circumstances.
Traditional open houses with staged furniture, baked goods, snacks, and drinks are considerably more difficult, time consuming, expensive or in some cases not even possible. People are unable to comfortably show up to an open house and look around without worrying about social distancing laws and worrying about the spread of the virus.
Real estate agents (like many other hard-working individuals in our communities) could be risking their own health by attempting to stage homes (if it’s even possible anymore), and giving tours to families, individuals and investors. Buyers looking to take advantage of the low mortgage rates, while competing over the relatively lower number of available properties.
Considering how much more time and effort must be given to the process of seeing a property, as well attempting to buy or sell a home/property, one would expect the real estate market to be stagnant. However, due to historically low mortgage rates, and the fact that most white-collar workers are still working, just from home, people have the financial means and the motivation to buy more than any other time in the past decade.
A big issue facing real estate right now is that although there is motivation and means to buy, the number of available homes/properties on the market available to buy are significantly low. Potentially lower than any other time in recent history. The big question is how will this affect real estate prices, and the real estate industry. Could property prices spike and then level out as more sellers enter the market or will there be more drastic and long-term effects on the real estate market.
Real estate agents (www.aminvali.com) with the right information, contacts, and connections will play a very important role in procuring the right property for their clients as demand continues to increase and prices start to go up. This is especially true since mortgage rates might drop again as the uncertainty in the stock market continues.
Civil Engineer, MBA, Real Estate Agent
Cell phone: +1 (949)220-1000
Phone : +1(310)925-3878
Web : www.aminvali.com
E-mail : email@example.com
Realtor in Zutila Inc.