The COVID-19 pandemic had a bigger impact on commercial real estate than any global financial crisis in a century. Fewer buyers are looking for homes and fewer sellers are selling their properties or letting strangers into their homes because of health concerns and orders to stay at home. According to experts in real estate economics in an interview with Development Magazine, it is evident that pandemic is affecting demand in space via quarantine, social isolation, shutdowns, supply chain disruptions, job losses and a breakdown in consumer confidence.
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Views of experts on real estate and its impact
The real estate market, in particular the affordable housing market, has undergone difficult years due to economic circumstances and the COVID-19 pandemic. As far as housing construction is concerned, in particular second homes and the luxury market, the residential property sector is the sector most affected.
Basir Yoruk documented a decline in the number of new homes and pending home sales in all 50 major US cities during the early phase of the pandemic. The sharp decline in real estate activity in the spring was consistent with lower COVID-19 cases and restrictive residence permits in the Eighth District and Metropolitan Reserves compared to other MSAs. On the other hand, much of the friction in the real estate market has been due to demand shocks as buyers have been affected by existing Covid 19 limitation orders.
In a similar vein, the National Association of Home Builders reported a steep decline in housing market conditions. Among the first critical documents of the effect of COVID-19 on the housing market is work by Dlima et al. Data on more than one million real estate transactions in the United States between January 1st and June 20th, 2020, taking into account government-imposed and non-government shutdown measures, was used to examine the impact of the pandemic.
A survey of Texas real estate agents by Hobby School of Public Affairs found that despite the current distress caused by COVID-19 pandemic, most people are optimistic about the long-term prospects of the industry. Although Corona’s virus has had a significant impact on the real estate industry, there are still many things you can do as an agent to keep your business afloat and to emerge stronger. More than half of Texas real estate agents said they had lost sales due to the pandemic but most were optimistic that the industry would survive the crisis with only temporary pain.