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COVID-19 and the Real Estate Market: Its Impact on Property Selling

The pandemic has left us with a lot we can’t do like we used to. Most work can now be done from home, and schools have closed to give way to remote learning. Even shopping and dining out have turned to online transactions to prevent people from congregating.

The real estate market is a curious case during the pandemic, mostly because of its reacting and adjusting. Most homes available here that have been beautified by landscape design services and construction and repair businesses are still being sold, despite the lack of visitors. How things have turned out—and how visiting has turned from in-person to online—shows that even strongly traditional markets need to learn how to adapt to survive.

In the case of the real estate market, let’s take a look at how the COVID-19 outbreak managed to force this business to tech-up or shut up.

People Are Still Buying Homes

Regardless of the COVID-19 situation, homebuying will continue. If it’s a lesser degree or a higher degree because of the number of properties on sale and the buyers, that’s a good question. Whatever happens, people will still be in the market to find homes, most likely moving into rural and suburban areas.

The reason behind this can be either of two things. People are currently doing many things from home, and some of them want some extra space to do that in. Others are thinking of relocating because of how COVID-19 wreaked havoc in dense areas compared to wide-open rural settings.

International Buying Isn’t Doing Good

You shouldn’t be surprised that buyers from other countries are backing down on their purchases, especially in the U.S. A lot of things have happened recently, and it’s only making them wary. It’s not good for the sellers with the inventory, but that’s how things are under the pandemic.

Another thing is that international buyers always jack up prices because they have high buying power. While this is bad for real estate investors and those with houses and properties to sell, it’s good for first-time buyers. They’re able to choose good homes, and at an equally good price, it’ll make the hunt easier for them.

Rental Properties Are Still a Good Investment

For those looking to invest in a rental property, those are still good investments during the pandemic. There’s always someone who’s looking to rent out a place. There are also bonus points if your property is located in a rural or suburban area or just about anywhere where the ventilation is good and the area isn’t cramped.

Rental properties are also good for those currently working from home but don’t have a space to work. That is, if you’re living alone, and your space is suddenly too cramped, you can find another place that isn’t as cramped and offers a lot of space to have your own home office.

In-Person Showings Have Turned Virtual

The Center for Disease Control (CDC) has urged people in the real estate sector to postpone in-person showings as much as they can. This is where technology stepped in. While people have little to no choice regarding going to the sites in-person, they do have the option to continue with their site visits using video conferencing.

Virtual visits have little to no difference from in-person viewing. People can still see the property as the agent tours them using a phone or a portable camera.

Safety Precautions Are Also Strongly Observed

key with house keychain

For those who’d rather have it the old-fashioned way, agents must secure permission before the visit can proceed. Even when permitted, people are managed by time so that crowding will not happen. Masks, shields, and personal sanitizers are also provided so that people can stay safe while viewing a property.

Everything from the masks to social distancing must be observed for permission to stay in effect. Each property is also sanitized before and after the site visit, thereby making sure that each visitor will walk through a safe space devoid of any virus or droplet that might infect them.

While the drop in prices in the real estate market comes as a blessing of the pandemic, safety measures are still observed. The virus is still very real, and it can still be deadly to people. If you’re interested in purchasing a property, work with your agent to stay safe and make sure that you are from before the purchase to after you buy the property. Your safety and security should always be first than any discount or bargain price.

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