How has COVID-19 affected housing priorities?

It’s been a year since the COVID-19 pandemic totally disrupted our reality. In a remarkable display of resilience in the face of major change, we adjusted to working from home and setting up eLearning environments for our children. We learned how to navigate digital communication platforms and order groceries online. We also started to rethink our housing priorities. In this blog post, we’ll discuss how the pandemic has affected trends in the real estate market.

COVID-19: A Catalyst for Major Change

In the scramble to set up home offices and classrooms, many families realized they simply need more space. Not having to commute to office buildings prompted many remote workers to reevaluate whether they needed to pay higher prices to live in urban centers. Being stuck at home with no entertainment options all summer made having a backyard enviable—swimming pools even more so. Economic policies put in place to help prop up a slowing economy brought interest rates for housing to historic lows.

Nationwide stay-at-home orders prompted the real estate industry to go digital. From viewing properties via webcam and eSigning closing documents, to utilizing online payment platforms, the industry displayed a remarkable ability to adapt when safety concerns over the pandemic forced us to shift away from face-to-face interactions.

 

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