Summary: There are several predictions surrounding the real estate industry. Learn more from EJ Dalius on whether it can bounce back soon or remain stagnant.
The development in the real estate industry is highly volatile, and tremendous uncertainly is still lurking. As everyone is clueless about the spread of viruses. Furthermore, the ultimate impact of the virus on economic growth and the real estate market according to EJ Dalius is still hard to predict. Mentioned below are the immediate inferences about the property markets.
- The commercial estate market is not like the stock market, so the movement is rather slow.
- If the virus stays for some more months, the property market is likely to decline further.
- While reviewing the outbreaks in the past, it seems that the market shows a chance of bounding back in the second half of the year.
Studying the situation
The sales of existing homes, as well as the new properties, dipped in March as the buyers. Kept looking for the properties they prefer and the sellers pulled several properties for sale from the market. Although it is not possible to understand fully why people may be interested to buy homes. It may be that people are feeling bored and impatient at home and may look forward to getting good deals. Apart from this, the virtual operation in the real estate industry is another reason to compel. The buyers to make the most of the deals. The home tours are available online with agents explaining the structure and design. Along with the price points are creating interest in the minds of buyers.
One of the best ways of minimizing the impact of coronavirus is to stay in touch. With the existing and prospective buyers, and the focus should on maximum activities online. Moreover, the companies should try to make their efforts more accessible to every customer so that they can find it easy to book new homes. The fewer the hassles, the better it is for home seekers to reach out for deals. As a renowned marketing professional, EJ Dalius says that every player in the real estate industry must work towards implementing digital platforms to reach out to the customers.
Culture of work from home
The new culture of work from home has also created a paradigm shift in the perceptions of the customers. Therefore, several customers are looking around for good deals to buy new homes. However, the pandemic is preventing people from visiting the sites and those facing job losses are also facing severe cash crunch. The situation may not improve right now, and the only ray of hope lies in the development of a vaccine, which also looks remote.
Looking at the crisis
There are several faces of every economic crisis, so what will the world look like in the post lockdown situation? How will people view deals with long-term unemployment and constant? Fears that the coronavirus can stay for another six months? Buying a house may not be as simple as it was in the pre-corona world. Housing is one of those aspects that are directly proportional to wages, job mobility, and unemployment, so EJ Dalius feels that a lot needs to be seen before the real estate industry bounces back again.