As latest numbers are in, there is a wave of relief going through the real estate sector. The good news is, homes are still selling.
No doubt, the covid-19 virus will have severe consequences on the real estate market, but it seems with low interest rates people are still buying homes.
All over the world people have lost part of their income due to the coronavirus pandemic.
The first shock
When the coronavirus hit the world most of us were under shock. I never spend so much time to watch the news than the first weeks of the coronavirus pandemic, always checking the latest numbers. After a couple of weeks though we kind a got used to it – although there are still moments when the whole situation seems incredibly unreal.
It is true that we also saw a decrease of visitor to our website for a couple of weeks but we are happy to say that all numbers are back to normal now. People are still interested in good real estate deals and they didn’t give up of buying homes.
Homes are still selling – a home is one of the basic needs
One reason might be that people became more aware of their “needs” rather than their “wants”. Staying at home and trying to keep everybody in the family sane has shown many the importance of having a home that has everything they need. Having a home definitely is a need. Even if someone needs to downsize and move to a smaller more affordable home it still means that there is movement and therefore home sales are happening in the real estate market.
Challenge to close the sale
In some countries it has become more challenging than in others when it comes to closing the sale legally. With solicitor and notary offices closed or not fully operational this is really a challenge. But surely, as some countries have already started to lift their covid-19 lockdowns this will just be a matter of time.
Time for new ideas
All these new challenges truly have given fuel for new ideas and innovations to simplify the home buying process.
Stuart Miller from Lennar Corp., one of the USA’s largest homebuilders, said they are working on new ways for buyers to buy houses, including through the company’s digital programs as well as drive-through closings, where homebuyers can close on a home through their car.
Positive Outlook for Real Estate
To know that homes are still selling is really good news. It helps us, home buyers as well as sellers, to see the future more optimistic. It’s been a nerve wrecking couple of weeks, even months for some. For me it was great to see how quick real estate agents adapted to the new challenges and finding alternative ways of showing homes to interested buyers.
Keep up the good work.
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