How could this pandemic affect the real estate market, in the period after the reopening of our economy? Will sellers expect less and change their expectations in terms of price, etc.? How many potential buyers are no longer comfortable, in terms of their personal comfort zone, making a major inexpensive purchase, after this extended period of consumer fears, income disruptions, etc.? Will potential and qualified buyers feel comfortable going to open houses anytime soon? What other strategies and approaches might be needed? Will they aggressively support banks, credit institutions and the federal government, helping the real estate industries, etc.? How will commercial properties and desirability etc be affected? With that in mind, this article will briefly attempt to consider, examine, review and discuss these factors, etc.
1. Sellers and buyers, expectations, comfort zone, flexibility, etc.: How many homeowners might decide to downsize to have more money immediately available for emergencies? Will their priorities change, etc.? Will buyers feel comfortable making such large financial commitments, after the recent and prolonged period? How many homeowners might feel like they need to sell due to their changing financial circumstances? How will people’s personal comfort zones become essential factors? Will buyers lower their standards and/or expectations/demands, and lower their purchase price range? How will supply and demand change things?
two. Marketing/sales strategies: Will the virtual exhibit become the ruleat least in the short term? Will real estate agents change their marketing and sales strategies to address the new concerns? Will we see fewer open houses due to concerns in terms of social distancing etc?
3. Mortgage rates: How could the government, the Federal Reserve, etc. address these problems and create circumstances where mortgage rates are kept at an attractive low rate in order to shore up the housing market, an important component of the economy in general? Will they require lower down payments and will that create a potential housing crisis down the line?
Four. Commercial Real Estate Market: Will the largest stores become the equivalent of tomorrow’s real estate dinosaurs? Will malls become much less popular? How many restaurants and other real estate establishments are closing due to current economic stresses, etc.? Will malls become more popular? How many companies could realize that they can do more, remotely, and therefore reduce their spaces? How many will not be able to afford public health needs and guidelines in the future? If restaurants often face challenges, in the past, how will they be able to afford, lower occupancy rates, etc? How will bars etc. have to adapt or perish?
5. How will the real estate business be carried out? How could the real estate business be seen and differentiated from the future of the pre-pandemic?
How will real estate be different in the future? Will you be one of the wise, ready, willing, and able individuals to respond appropriately and move forward into the future?