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?
Continue reading →