5 post-pandemic trends in the real estate industry
By magnoliaAdmin | Sep 16, 2022
Covid-19 has transformed our lives on many levels including how we perceive real estate leading to the industry witnessing many new trends. The Pandemic has impacted our office, our homes, and every place. Each and every industry is highly affected including the real estate industry. But the real estate industry bounced back quickly the budget-friendly mortgage rates, and stamp duty cuts by the State Governments, which also enhance home affordability and a shift of sentiment toward owning a property. In fact, the highest ever yearly sales in FY 2021-22, residential real estate witnessed. In this blog, you will get to know 5 post-pandemic trends in the real estate industry.
1. Sellers are having trouble finding buyers
The coronavirus pandemic hit harder than expected. Sales plummeted to their lowest levels since the 2008 financial crisis. First-time homebuyers have been staying out of the housing market due to concerns over the spread of COVID-19. Now, many sellers are struggling to sell homes without them. It’s not just first-time buyers who are experiencing problems; experienced buyers are facing challenges too.
Sellers are seeing fewer offers coming in and even if an offer does come in, it’s often less than what they were expecting.
2. Digital Advancement & Virtual Tour
The pandemic situation has been a revival in the real estate industry, with new trends emerging in terms of purchasing a new property. Digital Advancement & Virtual tours are the most important trends in the real estate industry post-pandemic. First, customers fix a meeting and take an E-tour. Because it is safe to process to visit it before going to the project’s sites. Online open homes, virtual booking, and augmented reality tours are the best way for luxurious homes with Hi-Tech amenities and interiors within the property premises.
3. Community & townships
The best benefit of community living is the self-sustainable ecosystem. Covid-19 has altered the preference of customers, who are now looking for safe, well-designed, and self-sufficient spaces that offer everything under one roof through spacious communities.
4. Work from Home
With working from home becoming such a major part of everyone’s life. WFH and remote learning are the new normal for families, and it has highlighted the need for quiet spaces. Home buyers are looking for sets up that will empower them to be more productive and effective.
5. Distance doesn’t count
Remote working as a trend is here to stay, even after COVID-19 loosens its grip, most companies will explore some version of WFH for their employees. Hence, commuting is no longer a problem for those working from home and this will reduce the need to buy a house close to their office location. As a result, home buyers will be open to moving to peripheral areas for the best affordability.
Post Covid-19 pandemic, there will be an improvement in how people think and live. The home buyer’s sentiment will definitely be impacted. Job insecurity, reduced salaries, saving and major things have all disrupted cash flows in the real estate industry. Firstly, the positive thing, the real estate industry has been quick to respond to changes and adapt to new technologies, this is apparent in the digitization of so many processes.
Written By: Moon Sarkar