Virtually every industry in America has been affected by COVID-19, including real estate. The pandemic has caused serious hardships for most people, clipping their ability to earn income regularly. Likewise, business owners have to dig deep into their savings just to prevent bankruptcy. Thankfully, the government is coordinating with agencies to mitigate the effects of the pandemic on our economy. But unlike most sectors, real estate is often the most volatile during economic hardships, according to Steven Rindner. How is COVID-19 affecting real estate?
Decreased number of buyers: In a recently released study by the National Association of Realtors, 78% of realtors reported no change in buyer behavior. However, 16% have lost interest in buying properties during this period. But by March 16, many realtors claimed that buyers suddenly lost interest in purchasing residential properties. In heavily hit areas like New York, open house attendance has dropped significantly.
Diminished transactions: Because of the lockdown and orders to stay at home, fewer properties have been closed by realtors. Not only this, but the entire process of buying real estate had also been affected by these changes. This includes appraisers and inspectors being unable to do their jobs properly, and realtors holding tours and open houses.
Uncharted territories: Because of how unprecedented this outbreak has become, more and more buyers are choosing to hold on to their money right now. According to Steven Rindner, fear of getting sick and needing funds for possible healthcare expenditures. With the increasing cost of healthcare today, this mindset cannot be helped.
A graduate of the University of Delaware and St. John's University School of Law, Steven Rindner has served in various companies across different industries. He is also a fan of marathon running. For more information about Mr. Rindner, visit this page.
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Diminished transactions: Because of the lockdown and orders to stay at home, fewer properties have been closed by realtors. Not only this, but the entire process of buying real estate had also been affected by these changes. This includes appraisers and inspectors being unable to do their jobs properly, and realtors holding tours and open houses.
Uncharted territories: Because of how unprecedented this outbreak has become, more and more buyers are choosing to hold on to their money right now. According to Steven Rindner, fear of getting sick and needing funds for possible healthcare expenditures. With the increasing cost of healthcare today, this mindset cannot be helped.
A graduate of the University of Delaware and St. John's University School of Law, Steven Rindner has served in various companies across different industries. He is also a fan of marathon running. For more information about Mr. Rindner, visit this page.
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