How did this pandemic, affecting the real estate market, in the period after the reopening of our economy? Will sellers, expect less, and change their expectations, in terms of price, etc? How many potential buyers, who may no longer feel comfortable, in terms of their personal comfort zone, make massive economic purchases, after this prolonged period of consumer fear, income disruption, etc.? Will prospective buyers, who are qualified, feel comfortable, go to the Open House, in the near future? What other strategies and approaches might be needed? Will banks, lenders, and the Federal government, aggressively support, help the real estate industry, etc.? How will commercial property, and its wishes, be affected, etc.? With that in mind, will this article try to briefly consider, review, review, and discuss such factors, etc.?
1. Sellers, and buyers, expectations, comfort zones, flexibility, etc.: How many homeowners might decide to downsizing, in order to earn more money, available, for emergencies? Will their priorities, etc., change? Will buyers feel comfortable, making such a big economic commitment, after a long and recent period? How many homeowners, who may feel, need to sell, because of their changing financial circumstances? How is people’s personal comfort zone an important factor? Will buyers lower their standards, and/or, expectations/demand, and will they lower their purchase price range? How does supply, and demand, change things?
2. Marketing/sales strategy: Will virtual shows become the norm, at least, in the near future? Will real estate agents change marketing, and sales strategies, to address new problems? Will we witness fewer Open Houses, out of concern, in terms of Social DIstancing, etc??
3. Mortgage rates: How does the government, the Federal Reserve, etc., handle this issue, and, will it, create a state, in which mortgage rates, maintained, at attractive and low levels, to prop up the housing market, a major component of the economy as a whole? Will they demand a lower down payment, and, will it create, potentially, a housing crisis, in the future?
4. Commercial real estate market: Will larger stores become the equivalent of future real estate dinosaurs? Will malls become less popular? How many restaurants, and other real estate companies, are rolling out, due to current economic pressures, etc.? Will strip malls become more popular? How many companies might realize, they can do more, remotely, and thus reduce their space? How many may not be able to afford, to buy, public health needs, and guidelines, in the future? If restaurants often get challenged, in the past, how could they afford it, lower occupancy rates, etc?? How do bars, etc., have to adapt, or perish?
5. How will the real estate business be run? How does the real estate business, in the future, emerge, and differ, from before the pandemic?
How is real estate, different, in the future? Are you going to be one of those individuals who is wise, ready, willing, and able, to respond, and move on, to the future adequately?