If we can agree on one thing, the past year has been one of the longest and most stressful in human nature. The pandemic came upon us faster than many had expected, but its exit is seemingly taking ages. Thankfully, we have science on our side and several drug companies have successfully researched, tested, and produced a vaccine to keep us safe from COVID-19.
Throughout the country, people from all sorts of industries have begun to experience hope, and thus raising optimism for the economy and safety of citizens here. This especially includes the real estate industry. Insights from top agents in the country have shown us the ups and downs that the industry has experienced since the beginning of the pandemic. Here are some of their predictions based on the news and rollout of the COVID-19 vaccine.
More People Will Try to Sell
The entirety of the last several months have been fueled by panic and uncertainty. Especially in March, when businesses were shutting down left and right, people felt terrified of what was about to occur both with the economy as a whole as well as with themselves. Because of this, many people who were originally inclined to sell their homes put the process off and decided to wait until things felt more stable. Additionally, due to supply and demand issues, home renovations were put on pause, making it harder for people to get their homes ready to sell.
According to top agents, the COVID-19 vaccine and real estate should work hand in hand, as around 50% of agents predict that more people will put their homes on the market this year due to the increased confidence.
New Troubles with Financial Security
With businesses closing altogether or having to operate at a smaller capacity, many people in the country had to apply for unemployment benefits or some other program meant to help them stay afloat during these trying times. One fear among a group of agents anticipate a rise of foreclosures after mortgage forbearance plans end. However, unlike the 2008 recession, the costs of homes aren’t falling, but are actually on the rise according to agent observations. Therefore, we won’t have to worry as much about foreclosures because people will be able to sell their homes if worse comes to worst. Additionally, agents and real estate experts alike have worked on tips for a quick sale for those who need to sell their home ASAP!
Different Types of Buying Needs Compared to Pre-Pandemic
Before the pandemic, the idea of remote working was only a reality to a handful of people. Nowadays, it’s become way more of a norm. Even big tech companies, like Twitter, have allowed their employees the option to work from home indefinitely. With working from home, however, comes a new handful of issues. Some of these include comfort, privacy, and a good internet connection. Home offices are a hot commodity among home buyers this year, and serve a much more valuable purpose than they did in 2019. About 33% of top Realtors in the country believe that the continuation of remote working will influence buyer motives.
Alongside remote working, people are also on the lookout for other pandemic-inspired home features including private outdoor spaces, functional and large kitchens, and a room for home workouts.
Pandemic or not, the Er group in East Bay is here to help you buy or sell a house with confidence. Contact us today to learn more!