The current COVID19 epidemic that is contaminating countries worldwide has left the whole Earth’s population at unease. No one is really sure what is going to happen, or when it will end, and most importantly what is going to happen to their jobs and industries.
One industry everyone is curious about is the real estate world. The market of real estate is one that is always changing, it rises and falls all the time, and there is no 100% accurate method of predicting how it will turn out. And this pandemic has really complicated situations, as it is an entirely new factor that we need to consider.
All we know for sure is that the current situation is certainly causing a backlash for the industry – right now spring sales were supposed to be going through the roof and benefiting the market in many ways, however, of course due to the epidemic that is not a possibility.
That’s not to say sales have completely come to a halt – many sellers and agents have switched to virtual house tours, to keep their houses on the market and still make some successful sales. However, understandably it is not as successful as the usual method.
There are two standard answers to what the real estate industry will be like post-pandemic.
Some say that the market will undoubtedly make a comeback, not too soon after the epidemic ends. They are comparing it to similar previous events, and are saying that no factor has a long-lasting effect on things like industries – which are forever moving and changing, quickly.
Others however – after looking at previous economic crisis’s – have decided that real estate will not go back to how it was pre-pandemic for a long time (approximately months or even years -), they argue that this pandemic is going to have a long-term effect on people’s finances, as jobs are being lost on a daily basis which will cause people to hesitate about making a buy. It is not until people regain job stability that they will even consider making such a big commitment to buy a real estate. And when this time comes, well – no one is too sure how the new real estate world will turn out to be.
Another expected change for the real estate world is the types of houses people will be looking for – before, a house was considered the place you eat, sleep, and have family time in. Now, however, many look at it as a suitable, and perhaps better alternative to an office. Being at home cuts down travel time and travel cost, as well as gives people more time to spend with their family. So, after the pandemic ends, they may look for houses with bigger space to make offices, as well as maybe even a patio if they are spending more time at home.
While we cannot give you a definite answer about the future of the real estate world, we hope this article answered some of your questions!
