The coronavirus has completely transformed our day to day lives, with the real estate market being no different. Buyers now need masks and gloves to view a home, and much of the process has gone remote. Although fears of a housing crash similar to 2008 arose early on, historical disease outbreak data points experts towards prices remaining stable and the market rebounding fairly quickly.
Buyers may have mixed emotions when considering a home purchase during the pandemic, but recordlow interest rates have become one swaying factor. Facetime and Zoom, along with 3D tours allow buyers a valuable non-contact approach throughout the home buying process. Sellers have exercised caution, keeping lights turned on and closet doors open to promote a “no touch” approach during showings.
For those currently involved in the buying or selling process, a new real estate environment is certainly witnessed – focused primarily on disinfection and virtual meetings. Although the total effect of the virus is difficult to predict, the demand for housing appears to remain optimistically intact.