Surprising Trends in Real Estate Industry Brought by COVID-19
Tuesday Jul 21st, 2020
As an essential service with restricted face-to-face interactions with potential clients, the real estate industry has adjusted its procedures to still be able to accommodate home sellers and buyers alike. This shows that the market is still active and realtors are finding surprising trends in the first half of the year.
Safe & creative showings. Realtors are governed with industry safety mandates that they strictly adhere to keep their business and keep their potential clients safe and well. With the limited gathering restrictions, open houses have been replaced by virtual 360 tours (Mattaport) and, virtual open houses, and live on-site Zoom Q&A's. Clients are keener to find out more about their potential investments, so supplying the gap in their research is a must. If clients do want an actual list showing, procedures are in place to minimize contacts and protect all parties involved. Donning on masks, gloves, face shields, waivers, and temperature checks are required. Realtors make the experience more contactless and sanitized.
Engaged couples invest more. With wedding plans on hold, more engaged couples have been dabbling with buying their first homes. Their budget for their wedding has been smartly invested instead of just laying around in their bank accounts. Realtors are now looking for more inventory for young couples to consider purchasing while they are waiting on trying the knot.
Travel restrictions created more home renovations. Staying at home did not only save lives but also changed homes - quite literally. Homeowners have a new appreciation for their homes keeping them safe during the pandemic and for working from home. Realtors have noticed an increase in refinancing to get some updates or additions in residential properties. Money saved by not traveling has been invested back to home investment. Whether adding an office room addition, renovating their kitchen, or revamping their backyards, homeowners have gained financially and found the process emotionally satisfying.
Cottage searches upswing. Although most cottage communities restrict non-locals to visit, this did not stop the rise in searching for cottage or second investment in the industry. Particularly these potential clients are exploring a low-interest-rate environment of heir second or even investment property. Having a relaxing place to hunker down for the pandemic has become an appealing option for people in lockdown.
These are only some of the unintentional rising trends that realtors are now faced post-pandemic. Most potential clients would need to find a reliable and professional realtor to help them navigate in the changing real estate market. Having a realtor can make buying or selling a house more manageable and less daunting. If you are looking for a trusted and experienced realtor, email, or call JoAnn Visaretis 416-464-1200 for a free consultation on your real estate needs. She has the resources to help you sell or buy a home in this new normal of the real estate industry.