Gebah Kamara in Real Estate Market During the Pandemic


With the recent pandemic on the rise and still evident, the economy has greatly been affected. Numerous businesses have closed, the unemployment rate has risen, and consumers are more conservative with their purchases. With this turnout, industries and businesses are all trying to get the most out of it. This does not exclude the real estate industry.

According to studies, there has been a whopping 140% increase in de-listings. Most of the reasons are due to their safety. In the case of the real estate market and as mentioned earlier, there has been a shift with the confidence of the consumer in terms of purchasing power.

Essentials

Consumers are now privier in selecting their priorities. Most of them think about safety and what are the most basic needs to be prepared in case the pandemic continues. At this moment, that is commonly thought for everyone. Also at this time, purchasing houses are definitely not on the top of that list. Since house mortgages will seem to add more to their anxieties.

However, for those who are contemplating of relocating because of this pandemic, real estate property is still considered a necessity. For those with this need, the current trend is moving away from the city and into the suburbs. This can also be attributed to the rise of the work-from-home statuses of most employees.

On the Rise

Moreover, through the government stimulus to the stock market and the elections coming soon, the fall of the economy is not as eminent as predicted. The economy will continually fight and survive in the next coming months in the early 2021.

Businesses and some industries will thrive with the means of the work-from-statuses of the employees. And with this, more and more employees with this status and as homeowners as well are using technology to be able to cope with the demands of their work.

Work-from-home employees are growing in numbers and the time that they will be spending at home will mean a greater consideration on how they would want their homes modified.  This is where homebuilders will be greatly in-demand in designing houses that fit their needs. Examples of which are re-modelling an office space at home to include audio pods similar to sound booths, that they may use at home during video conference calls.

The Future of Real Estate

As for the real estate market, although the demand now is not as high as it has been since pre-pandemic, it is highly recommendable especially for home sellers to start selling now and not wait it out until the pandemic is over.

Based on studies, realtors should look for motivated sellers or investor sellers. Price the property in the listings aggressively. The faster the property sells, the better the proceeds. And it is a good strategy to hold onto the revenue once a property has been sold. As advised, wait out in the next six months as there will be a rise in inventory and prices will eventually drop.

Author's Bio: Gebah Kamara

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