MINCHEN TEAM – San Francisco, CA

How the Pandemic is Affecting Real Estate?

Real Estate is one of the most affected businesses amidst the Covid-19 Pandemic. It has changed the ways we sell and buy house properties. Most Real Estate businesses are now not seeking to thrive amid the new normal. On the other hand, oil prices falling due to excess supply creates a chain reaction on the economy proving the havoc this Pandemic has brought on to the world. During these trying times, creativity is the key to survival.

Because of these issues, we need to answer some important questions. What are the options of a Real Estate agent? How are mortgages affected? How should buyers and sellers react? What are the best options for business continuity?

With the shelter-in-place orders, activities in the Real Estate market has slowed down in many places. This situation is going to depend on the city and its market. The overall impact of the pandemic on the economy is something that is difficult to predict. Every sector in the Real Estate market is affected by the Pandemic. Real Estate agents had to change strategies when it comes to open houses, client meetings, and organizing closings. Virtual home selling has become the new normal, many Real Estate professionals modified their business operations into an online version.

Real Estate professionals also predicted the pandemic will have a huge impact on mortgage rates. Even though mortgage rates falling can pose some issues, current homeowners can take advantage of the continuously decreasing rates. Experts suggest that homeowners can choose to have their mortgages refinanced and, as a result, be able to pay off their loans earlier.

Real Estate agents have different response strategies and approaches. With millions of people now in quarantine, Real Estate is striving to achieve sales back on track. Real Estate teams with excellent crisis management are coping better in the Pandemic. Real estate experts are hopeful that once the cases have flattened, businesses including Real Estate will gradually get back to normal.