How could this pandemic affect the real estate market, in the period after the reopening of our economy? Will sellers wait less and change their expectations, in terms of price, etc.? How many potential buyers may no longer feel comfortable, in terms of their personal comfort zone, making a major financial purchase after this extended period of consumer fears, income disruptions, etc.? Will qualified potential buyers be comfortable attending open houses anytime soon? What other strategies and approaches might be necessary? Will banks, lending institutions, and the federal government aggressively support, help real estate industries, etc.? How will commercial properties and their suitability, 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 could decide to downsize in order to have more immediate money available for emergencies? Will your priorities change, etc.? Will buyers feel comfortable making such big financial commitments after the recent and long period? How many homeowners might feel 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 reduce their purchase price range? How will supply and demand change things?
two. Marketing / sales strategies: Will virtual projections become the rule, At least in the short term? Will real estate agents change their marketing and sales strategies to address the new concerns? Will we witness fewer open days, due to concerns, in terms of social differentiation, etc.?
3. Mortgage rates: How could the government, the Federal Reserve, etc., address these problems and create circumstances in which mortgage rates remain low and attractive to shore up the housing market, a major component of the overall economy? Will they require lower down payments and will that create a potential housing crisis down the road?
Four. Commercial real estate market: Will the biggest stores become tomorrow’s equivalent of real estate dinosaurs? Will shopping malls get much less popular? How many restaurants, and other real estate establishments, are closing due to current economic stresses, etc.? Will strip malls get more popular? How many companies could realize that they can do more, remotely, and thus reduce their spaces? How many might not be in a position to meet future public health needs and guidelines? If restaurants are often faced with 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, of the future, of the pre-pandemic business appear and be different?
How will real estate be different in the future? Will you be one of the wise individuals, ready, willing and able to respond appropriately and move forward into the future?