5 Expert Predictions About The Post-Pandemic Real Estate Industry
Here are the Top 5 Predictions by Some of the Biggest Names in the Real Estate Industry
1. Joanne Kaufman, The New York Times
Joanne sees an accelerating drop in home-buying due to the limitations imposed on activities in public. She asserts that more and more buyers will stay home and avoid any further financial strains.
She also forecasts a trend in out-of-town housing. With cities and their downtowns hit hard by the pandemic, more people will want to buy a place outside of crowded areas.
2. Diana Olick, CNBC
She is estimating about a 35% decrease in property values and eve more in areas with more adverse effects from the pandemic, like NYC and California.
The driving force behind the decline in values, in her opinion, is the loss of consumer confidence, given that their savings have been challenged by lockdowns and quarentines.
3. Brad Hunter, RCLCO, Real Estate Advisors
Brad believes that the impact on the real estate industry will be regional, meaning some areas will be hit harder than others. This is due to the dispersed effects of the pandemic and its impact on businesses.
He emphasizes that there are short term and long term effects, the latter of which will be less detrimental.
4. Jeff Andrews, CURBED
He focuses more on the housing market and predicts that mortgage rates will be lower and few people will be buying and selling houses. Unlike the pre-pandemic era when demands were growing thanks to low unemployment and better income, web traffic has dropped up to 40% during the pandemic, which contributes to staggeringly lower demand.
5. Javier Vivas, Realtor.com
A quick look at common predictions highlights the fact that there will inevitably be a loss of value and sales in the real estate market, at least in the short term. However, most people are optimistic that in the long run, the market will bounce back and make up for the setbacks experienced during the Covid-19 pandemic.