Many of us can agree that this situation is all but a little strange. Not being able to live in a way in which we’re accustomed to can be taxing. Having to remain in self-isolation due to COVID-19, away from friends and family for a prolonged period of time has become our new reality. Many are striving for life to be as it once was.
As much as we want this for ourselves, the real estate market, which has dropped quite dramatically since COVID-19, depends on it. In order for the real-estate markets to boom again, it needs us to return back to our old normal or at least a new normal. The reality of the situation is that many real estate markets across America are suffering.
Real Estate During COVID-19
With many working from home and being given orders to stay at home, one can only imagine what the real estate market may look like. Instead of being able to showcase houses to multiple individuals simultaneously without worry, realtors are now being forced to rely on other methods such as hosting virtual tours and collecting e-signatures on documents. Alternatively, they are asking applicants to fill out a rental application before scheduling a tour in order to limit potential exposure and spread of the virus.
With fewer in-person tours, one can imagine that there would be a severe decrease in the number of homes sold. Without in-person tours, individuals interested in buying a home can’t do things that are essential for most home buyers. Things that essential when house or rental hunting such as going down in a basement and checking for water, seeing the house from the street view and where it’s located within a neighborhood.
Real Estate Affected By COVID-19
While there may be a few sales that have still occurred during COVID-19, sales are expected to decline in the next year or so. Why? With orders to stay at home and close non-essential businesses, there are less jobs to be had. Individuals who once had steady jobs are now unemployed, and individuals who once owned successful businesses are now finding themselves unable to afford rent. Without being able to afford rent, it stands to reason that buying a home is the last thing on people’s minds.
Looking to the Future
Real estate is currently being impacted by two forces with COVID-19. One is the inability to show a property during this time due to orders from our government. The second is the inability to find home buyers in this market where many are being unemployed or furloughed. Both of these factors are impacting the market. Sadly and with much trepidation, after the orders associated with COVID-19 are over, there will still be obstacles to overcome. The real-estate markets are expected to drop this summer and rise gradually in the summer of 2021.
Michele Christine Weinstein is a motivational writer, content creator, freelance writer, and entrepreneur who utilizes her life story and pre-medical background to inspire others. She believes in the power of our stories and encourages all to share their stories of struggle on a platform that she founded called Not a Standard. Outside of work, Michele enjoys kayaking, walking her dog, and working out. She also enjoys a good home-decor project, although it usually results in bloopers (which she later shares on social media for good laughs and instructions!). She’s always sharing her projects, bloopers, and little motivational quotes (which she calls Michele-isms) on Instagram, so check her out. And stay tuned for what her story entails next. It may just be great.
*Contributions are solely guest opinions and don’t reflect the opinions of or are endorsed by WYL, our staff, clients or other interested parties.