This year has been a big question mark or an endless curse for everyone (and, of course, people in the property management and real estate industry). Be that as it may, I don’t think the real estate market will be in trouble.
If you want to know what action should be taken next, I think you should do it exactly as there is no pandemic; buy, sell, and rent. But you need to keep your eyes open. Obviously, some parts of the country are stronger and healthier than others.
I think COVID-19 will affect the real estate market for the rest of this year and 2021.
People Will Continue to Buy Houses
Despite the troubles in certain areas, such as deep in the cities, the real estate industry in suburban and rural areas has performed well. The Northeast is struggling, probably mainly due to cities such as New York and Boston, but other than that, the country is performing well. As for why people continue to buy houses, there may be two reasons. First of all, some people just want better housing and more isolated housing.
International Procurement Declined and Will Continue to Decline
Not surprisingly, buyers from other countries/regions have not made many real estate investments in the United States, and this trend is expected to accelerate. This is not good for sellers. There are fewer and fewer people buying houses. International buyers usually raise prices, but this is good news for buyers because fewer people are bidding for houses.
Rental Properties, Especially Holiday Homes, Will Continue to Flourish
If your house is away from inaccessible and can be rented out, someone will probably want to move in permanently or in a few weeks. There is no doubt that the resort industry suffered in the early stages of the pandemic and is still suffering. However, holiday homes in many areas seem to be working well.
We may complain about standing six feet apart, but at the same time, everyone wants their own space. If you have some space to rent, then you will have a very marketable commodity. Alas, even hotels that have suffered huge losses due to work stoppages, holiday, and event cancellations find that they can attract customers when they use their room as a place for busy remote workers to work a day away from spouses and children. And pets. Currently, vacation rentals may flourish, although it is hard to imagine that they are really outdated.
Technology Will Continue to Make the Housing Market Industry More Straightforward to Navigate
The Internet has changed the way houses are sold, leased, and managed. Later, smartphones also changed the shape of things. People can suddenly find houses and rent houses wherever they need it, and property managers can also work on the beach.
Well, COVID-19 is streamlining and changing the industry again-for the better. However, there is no doubt that technology makes it easier for everyone to complete their work. Sometimes they don’t even see the house first.
Well, maybe this is not a good idea. Get out of bed and do some exercise—moreover, the calling and all of nature.
But what I mean is that the real estate management technology market is unprecedented. I think that before this year, and of course next year, it will become easier to collect rent, arrange appointments in person, and provide virtual tour guides as it is now.
Therefore, despite the pandemic, I don’t think people in the real estate industry have much reason to curse. Personally, this is a difficult time. For all of us, many people are suffering personal and professional pain. But in the real estate industry, it is not difficult to find many exciting places. Of course, the unknown is disturbing. But when people are trying to move to new and more comfortable areas of the country, they are still buying, selling, and renting. If we can assist everyone in managing and living in their new comfort zone, we will find our comfort zone.