How might this pandemic, affect the real estate market, in the period, following the reopening of our economy? Will sellers, expect less, and change their expectations, in terms of price, etc? How many potential buyers, may no longer feel comfortable, in terms of their personal comfort zone, making a major economic purchase, after this extended period of consumer fears, income disruptions, etc? Will potential, qualified, buyers, feel comfortable, going to Open Houses, in the near – term? What other strategies, and approaches, might be necessary? Will banks, lending institutions, and the Federal government, aggressively support, helping the real estate industries, etc? How will commercial properties, and their desirability, be impacted, etc? With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss these factors, etc?
1. Sellers, and buyers, expectations, comfort zone, flexibility, etc: How many homeowners might decide to down – size, in order to have more immediate monies, available, for emergencies? Will their priorities, etc, change? Will buyers feel comfortable, making such large economic commitments, after the recent, prolonged period? How many homeowners, might feel, they need to sell, because of their changing financial circumstances? How will people’s personal comfort zones, become essential factors? Will buyers, lower their standards, and/ or, expectations/ demands, and will they lower their purchase price range? How will supply, and demand, change things?
2. Marketing/ sales strategies: Will virtual showings, become the norm, at least, in the nearer – term? Will real estate agents change their marketing, and sales strategies, to address the new concerns? Will we witness fewer Open Houses, because of concerns, in terms of Social DIstancing, etc?
3. Mortgage rates: How might the government, Federal Reserve, etc, address these issues, and, will they, create circumstances, where mortgage rates, are, maintained, at an attractive, low rate, in order to shore – up the housing market, a major component of the overall economy? Will they demand lower down – payments, and, will that create, a potential, housing crisis, into the future?
4. Commercial real estate market: Will larger stores, become tomorrow’s equivalent of real estate dinosaurs? Will malls, become far less popular? How many restaurants, and other real estate establishments, go out of business, because of the present economic stresses, etc? Will strip malls become more popular? How many companies might realize, they can do more, remotely, and thus reduce their spaces? How many might not be able, to afford, the public health necessities, and guidelines, into the future? If restaurants are often challenged, in the past, how will they be able to afford, lower occupancy rates, etc? How will bars, etc, have to adapt, or perish?
5. How real estate business will be conducted? How might the real estate business, of the future, appear, and be different, from the pre – pandemic one?
How will real estate, be different, into the future? Will you be one of the wise individuals, ready, willing, and able, to adequately, respond, and proceed, into the future?
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson, for approximately 15 years. Rich has written three books and thousands of articles.
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