The COVID-19 pandemic has affected virtually every industry in the world, and the real estate market is no exception. With social distancing guidelines, travel restrictions, and a global economic downturn, the real estate market has experienced some significant shifts over the past year.
Trends in the Real Estate Market During COVID-19
One of the most notable trends in the real estate market during COVID-19 has been the rise of virtual tours and online listings. With fewer people willing or able to travel to view homes in person, real estate agents and brokers have had to pivot to online marketing and sales tactics. Virtual tours and 3D walk-throughs have become increasingly popular, and many buyers are comfortable making offers based solely on what they see online.
Another trend in the real estate market during COVID-19 has been a shift towards suburban and rural areas. With many people now working remotely, there has been a decreased need to live close to city centers or office buildings. As a result, many homebuyers are now looking for properties outside of urban areas with more space and lower population density.
Predictions for the Future of the Real Estate Market
While it’s impossible to predict exactly how the real estate market will continue to be impacted by COVID-19, there are some predictions based on current trends and economic forecasts.
One prediction is that the shift towards suburban and rural areas will continue even after the pandemic is over. With remote work becoming more common, many people may opt to live further away from city centers even after they are able to return to the office.
Another prediction is that there may be an increase in demand for multi-generational homes or homes with separate living spaces. With many families now living and working together under one roof, there may be a greater need for homes that can accommodate multiple generations or provide privacy for different family members.
Statistics on the Impact of COVID-19 on the Real Estate Market
- According to a survey by the National Association of Realtors, 63% of realtors said that virtual tours and showings have become more common during the pandemic.
- Redfin reported that in October 2020, 26% of homebuyers looked to move from more densely populated areas to less densely populated areas, up from 16% the year before.
- Zillow reported that suburban homes were selling faster than urban homes in August 2020, and that the gap between suburban and urban sale times had grown by 13% since April.
Conclusion
The COVID-19 pandemic has brought about many changes in the real estate market, and it’s likely that we will continue to see the impact of these changes for years to come. By staying informed on current trends and predictions, buyers and sellers can make more informed decisions about their real estate transactions.
