Buying a house has never been a simple thing, nor was it very easy. However, the difficulties the pandemic brings makes those difficulties seem much smaller. No, it takes those difficulties and adds more layers of obstacles that make it near impossible to buy a house in these times.
Just like the many people of the United States, the housing market has been put under lock and key as the COVID-19 sweeps over the globe. Many deals have been put on hold or cancelled completely, new construction sales centers have gone silent, and real estate agents can’t show houses to anyone. There is no inspecting of the houses, there is no appraising of the houses, and even buyers that go about the process with a lesser regard of safety— with cash and waived contingencies— are blocked from buying themselves a home.
If they have not been blocked completely, business forgoes in quite a frustrating manner. Hospitalities, shopping centers, airBnB rentals, were promptly banned. The economy has been brought to a complete halt. The question comes about, what will real estate look like when it gets back in gear? What is the lingering impact as the ice melts and the losses of money? What happens?
Many economists look at the previous companies that have taken a hit from the virus and point out the differences between the great recession and the pandemic. They take the modern situation, where the economy drops fast and quick, and compare it to the recession. In that, the events are the same. However, they believe that the recovery will not be the lengthy, confused recuperation that occurred some years ago. The lengthiness will be lost and we will be back to our previous state in no time.
What of the real estate market specifically? It is considered a non-essential and that is crushing the market. Real estate agents sit idly at home as landscapers, gas stations, and car dealerships are still put to work. It is considered non-vital, and worsens the hit on the market more than it would have if they could at least take the opportunity of selling season. There is a lawsuit put into action to request the change of the status to real estate’s position as a non-essential to one of a life-sustaining business.
When essentials come to mind— there is food, clothing, and shelter. The fact that real estate agents are out of business is practically the same thing as taking away shelter. However, it is more complicated than that. The intermixing of potential buyers and stranger’s homes packs a whole lot of dangers that the country would like to avoid. Taking a house and making it a space that is utterly unsafe when that is the only place one can keep themselves in one place and protected is not a desired action.
Many real estate business owners are taking into consideration how to sell a home in a way that is safe. Agents are adapting and motivated sellers are making deals. COVID-19 can be seen as forcing markets down a hole, but every market can take a stand to adapt their services to society. Many believe that the transition to digital and virtual selling is the move. While not everyone agrees with the virtual selling of houses through 3D tours, every seller is attempting to create a new process and adapt to the situation. There are none with the Time Stone in the real estate market, the future is unclear. However, there will be prevalent evolution of the procedures, processes, and techniques used to sell a house. The real estate market will take a hit, but America’s agents will surely get it back up in a spectacular fashion.