It’s no secret that the pandemic has had a significant impact on a wide variety of industries and markets, and the real estate market has undeniably been one of the most affected.
The pandemic has not only changed how people conduct real estate business. It has changed how, when, and what people buy and sell.
The pandemic’s influences on real estate continue to change and evolve the market, and it’s imperative that we prepare for real estate transactions in the present and post-pandemic world.
Consider the ways real estate has changed as a result of the pandemic to understand the market better and plan for transactions in the current landscape.
In March 2020, after a few initial news reports about a fast-spreading pandemic started and lockdowns were implemented, a vast majority of the population were asked to work in the comfort of their own homes.
Twitter, for one, which employs around 5000 people globally, announced right after the first few weeks of the pandemic that its entire workforce had the option to work from home indefinitely. And as regulations have lifted, been re-implemented, then partially lifted again, many others have committed to a remote office.
As a result, the importance of being in a comfortable space with an allotted area for productive work has increased. In addition, the importance of being physically close to your work dwindled, and the opportunity and need for relocation have grown tenfold. This has drastically increased the demand for homes and the need for homes with office space.
Remote work drastically increased the requirement for homes, especially in northern, suburban areas, where real estate is more affordable.
According to Regan McGee, the founder of the online real estate marketplace Noble, this demand results from need. “It could result from consumers needing home offices, larger spaces, and access to outdoor amenities during this time of quarantine and stay-at-home orders,” he said to Techno FAQ.
Although this increase in home-ownership may be directly related to the pandemic now, the rise will only continue into 2022.”
Virtual Open Houses
As regulations continue to change, real estate agents are learning to be more flexible to ensure their clients can tour homes. As a result, many have utilized virtual open houses.
With virtual open houses, clients and agents can tour properties from the comfort of their own homes. This has made the process infinitely more seamless for both sides.
The virtual approach not only removes the need for complicated scheduling but helps to protect immunocompromised and other at-risk individuals. Virtual open houses remain popular to ensure the comfortability and safety of both agents and potential buyers and sellers.
Buying Properties Unseen
While the concept of buying a property unseen would have seemed absurd a few years ago, with the changing regulations and drastic increase in bidding wars, more and more people are buying properties without seeing them. As technology has also evolved because of the pandemic, homebuyers can access all the necessary information online to make educated decisions.
The COVID-19 pandemic has impacted the real estate industry in numerous ways. Even when the pandemic is behind us, many of these changes may be here to stay.