During the coronavirus pandemic, with 95% of Americans and the housing industry on some form of lockdown, it has become nearly impossible to sell a home.
The housing industry is finding creative ways to continue the home selling process but, even so, the industry has come to a screeching halt.
Not only that, but building supply wholesalers and hardware stores, along with manufacturing plants have been shut down, in turn, shutting down residential and commercial construction sites.
While we are sure that restaurants and other similar public places will see a surge of business once the country re-opens, it remains to be seen what will happen to the housing market.
Five of America’s top real estate agents agree that their collective non-essential status is crushing the market.
Many agencies are adapting to the current crisis with technological creativity and transitioning more to the digital world in order to continue conducting business.
The question remains, how much of this will become normal once we are able to open back up?
“While the broad consensus was that the residential housing market will quickly re-set, every agent I spoke with agreed that real estate fundamentally will never quite be the same again. Economic crises have long-lasting effects on people’s psyches and decision-making as well as their pocketbooks. Covid-19’s long-term re-ordering will take months, if not years, to shake out. What the new normal looks like is anyone’s guess.”