As the world has adapted to the coronavirus outbreak, the real estate market has shifted. Even though it differs state by state, home prices have not decreased significantly in the way some may have expected. This means that the future of the market remains uncertain.
While some have lost their jobs and are looking to downsize, others are packing up moving vans and upgrading to more spacious homes. The coronavirus pandemic has left real estate agencies, brokers, and agents at the forefront of a changing market.
How Have Jobs Changed Since Corona Virus?
For real estate agencies, they have ended up going 100 percent virtual. If they’re doing a buyer consultation, they were doing it virtually because most of the sellers were not allowing showings. If they were to go to the homes, they had to sign the COVID forms, and take all precautions with masks and gloves and sanitizers and all the rest of the details. There was a shock to the system for the whole real estate system, but they ended up adapting pretty well.
How Are Homes Shown?
Initially, they still had some clients who were flying in from out of town, and any time they wanted to, they had to show the property. On those occasions, agents would take all of the precautions: Have face masks on, gloves on, and use hand sanitizer and try not to touch the surfaces. Agents kept a 6 to 7-feet distance between the clients and left the door open so they could come and take a look at it.
How Has the Corona Virus Affected Real Estate?
One of the first things real estate companies did was reach out to their clientele and let them know that things would be okay. Letting clients know they should feel secure is essential when things are unknown. Making things up can cause unneeded fear and unneeded consequences.
Some buyers are terminating contracts due to the pandemic, but it isn’t as massive as people think. It seems the key to real estate companies right now is to adapts and stay in contact with clients.
What’s A Realtors Day To Day Look Like?
Today in a pandemic world, realtors come to the office because they were essential services. They then handle transactions that were still in the pipeline. Instead of face to face meetings, they were now Zoom calls, many phone calls with a lot of previous clients, or new clients. We would reassure them the market, and I did inform them that things might be different right now, but if they needed anything, we were always a phone call away.
What’s Next For Real Estate?
Real estate is on fire.
Looking at the month of May, numbers that are negative means the months of March and April, all those who could not go out for the showing or could not go out for the transaction. Now that things are opening back up slowly, real estate might boom again with better home prices. Currently, it seems not to have taken a significant hit due to COVID, at least for now.
