During the past few months, we have been living in unprecedented times. The COVID-19 Pandemic has impacted everyone, creating a public health crisis that has also evolved into an economic one. Every industry has felt the sting of the pandemic and this includes the real estate market. In order to properly respond to these challenging times, it is important for everyone to think about how the pandemic has impacted them. This will place them in the best position to respond in a successful manner. What are some of the impacts the real estate market has felt during the COVID-19 Pandemic?
One of the biggest impacts comes in the form of business closures. The shelter in place laws forced all non-essential businesses to close for several months. This made it hard for agents to assist their clients with in-person showings. Therefore, real estate agents were forced to adapt to the COVID-19 Pandemic. This led to the rise of virtual tours and showings. It has become possible for agents to conduct open houses, tours, and more virtually thanks to advanced technology. This has also forced agents to change how they market. While real estate flyers are still helpful, virtual marketing has become popular as well. This includes social media campaigns, email blasts, lead nurturing, and more.
Of course, one of the biggest shifts in the real estate market during the COVID-19 Pandemic has been tumbling interest rates. Interest rates are one of the biggest determining factors when it comes to the pace of the market and right now these rates are at an all-time low. As a result, this is a great time to buy, which the government wants people to do in order to get the economy going again. Furthermore, this is a great time to sell, as those who are selling homes are likely to get multiple offers. This comes on top of the rush to refinance. All of this translates into a strong market for real estate agents who are able to get creative during this era of social distancing.
These are just a few of the major impacts that the COVID-19 Pandemic has had on the real estate market. Right now, this is a great time to be an agent for those who are able to adapt to these changing times. With low interest rates, there is a lot of movement in the market from all sides. Agents need to make sure they capitalize on these changing times and adjust to the new normal.
