Real estate: As we have noticed, there are different types of markets. Although we often think only of buyers, sellers or a neutral market, the current times, epidemics and related health and economic crises are likely to have some long-term effects and confusion that could permanently change this horizon.
With that in mind, this article will try to consider and examine about the 4 real estate elements that are likely to suffer game changes, long-term, changes, and steps.
1. Housing Market, Pricing, Buyers, etc.:
Since so many states have imposed restrictions on so-called social distance, necessity, housing sales, marketing, etc., it is now closed! When this crisis finally ends, how can this market be affected? To balance this vital part of the American dream with low interest rates, and a combination of intense aspirations, at least in part, I believe we will, in most cases, see the country as a whole, price reduction, because, less qualified, potential buyers.
This is mainly due to the dramatic decline in stock market prices etc. and as a result many will find, the value of their personal property has dropped a lot. Perhaps, there may be some government programs that can help, but these must be sure, we do not see another real estate bubble because of indigent financing programs!
2. Storefront / Retail:
Because, many had to develop alternative, technology-based ways to sell their products, the current trend in the conventional retail market, which was already challenging, intensified! In the near future, we will probably not see any significant improvement and will get more vacancies. How can these small, property owners have such an impact on their ability to maintain and carry ownership? This, too, will probably decide many companies, they will need less space and will probably have a significant impact!
3. Office Space:
This crisis has made it necessary for many companies to work remotely, to keep employees. This longer, it continues, many corporations will probably believe and realize, they almost do not need, about office space and related costs? How will this affect the number of vacancies and the lease price?
4. Rented Apartments: Since very few people are likely to own their own home, many more will rent apartments! However, many will probably have a lot of posts – a mindset of frustration, because of the economic and frightening aspects of this crisis, it will likely hit the markets for potential, luxury apartments!
From an economic point of view, the immediate consequences of this crisis are likely to be significant in the real estate industry and related markets! Get ready!