Covid Has Changed Real Estate Forever
The year of immense change and confusion is coming to its end and what 2020 has made us all learn is that nothing lasts forever and we all must learn to adapt and accept what comes next. The United States has seen plenty of adjustments to the standard “normal” and it has caused many businesses, small and large, to alter the way things are usually done. As lockdowns are prevalent and more families needing real estate assistance in these times continue, real estate companies are adjusting to the widespread change Covid has brought.
With more and more Americans working remotely from home, the nation has seen a disruption in the field of real estate with families' lives changing and their needs adjusting to compensate for the new normal. This disturbance has kick started the modernization of these companies by forcing businesses into the age of technology and successfully using it to their advantage.
Virtual transactions and tours have become popularized because of the need to social distance with less in-person contact being favored. This move to digitally signed contracts and documents now sent online can bring advantages to companies such as the speed in the selling and buying process. The field has also noticed a spike in virtual tours being presented to potential buyers. This has come with some controversy because of the disadvantages of not seeing a home in-person though it allows agents to reach more clients under a restricted amount of time. Most real estate professionals are requiring masks to be worn when in-person tours are held and limiting the amount of people in the home at one time has become normalized.
Taking Health & Safety Precautions
When someone decides to sell their home, the distinct worry of their health and safety becomes strenuous. Welcoming someone into the family home has never been scarier than it is now. Americans are plagued with constant fear of becoming sick and allowing a real estate expert or potential buyers walk through the front door has become a risk.
Since Covid hit in March, many sellers are keeping strict rules when agents must enter their home. Many require the expert to get tested for the virus and once the test has returned negative, temperature checks, mask, gloves and sometimes even shoe covering are required by the seller at all times. The pandemic has overhauled the standard work an agent must carry out in the selling and buying process but taking further precautions has never been widely accepted as it is now. It has become an understandable responsibility of each party to keep health and safety first priority.
Americans Are On The Move
It has become generally known that the nation has been swept into a sellers market and buying a home has become a competition. With remote work that has transitioned from temporary to permanent, many Americans find that their once perfect home has become too small. Larger spaces are needed to accommodate computer setups that are now taking up space in the living room and a quiet space is necessary for long work days. Being at home everyday has made the importance of loving the place you live crucial.
People are leaving, the once bustling, high-priced, high-lockdown, urban areas for suburban neighborhoods. What’s the point of living downtown if everything has closed? Covid has caused a migration to more affordable, quieter areas where buyers can get more for the same amount as a studio apartment in the city. An appreciation for bigger outdoor space has become a commodity and it’s been found that Americans are purchasing second-home locations to distance themselves further from hot spots.
The home buying industry has never seen such high-demand for specific amenities and it comes down to the lack of people moving for jobs. Americans are moving for personal reasons rather than moving to a closer location for work. Quality of life at home has become a priority ever since the switch to remote working and real estate companies are seeing the difference.