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Impact of COVID-19 on the Real Estate Market 16 Sep, 2020

The COVID-19 outbreak has cast its shadow across the world, with the real estate market being one of its prey. Much has changed ever since this virus hit the world. Businesses the world over have experienced a grinding halt, compelling monetary organizations to slash the growth forecast for the worldwide economy. The COVID-19 pandemic has flipped the market upside down, thereby changing the way sellers, buyers, and realtors do business. Unprecedented pressure has left the real estate market crippled. A close look in this domain is quite unnerving. Along with the immense pressure that buyers and sellers are facing, this industry is getting hammered due to the panic that this virus has created. 

Investing in a home is truly an emotional process. This is because when people step into a house, they wish to visualizewhere their family will grow, where their children can play, or how their furniture will be set up. With the world adapting to the COVID-19 outbreak, thinking of “how to sell my house in Atlanta or Houston” is indeed a challenge. By and large, the real estate markethas experienced a slowdown with regards to the progress of projects that areunder construction, as well as delayed buyer decisions for purchasing properties. Supply chain disruptions for building materials, liquidity crisis, and migration of workers are some of its challenges.

Physical distancing has transformed the way people interact with and inhabit physical spaces.The knock-on effects of the virus have resulted in the downward demand for several spaces, unfortunately for the very first time, thereby resulting in unprecedented crisis in the real estate sector. Be it commercial or residential real estate industry, the impact of COVID-19 is no less than a whammy. This segment is struggling with low sales, regulatory changes, and project delays. Much beyond the instant challenge, the more this crisis continues, the more people will see lasting and transformative changes in behavior.

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