In New York State, as a real estate licensed salesperson, over the course of more than 15 years I have noticed several previous, different types of markets. Although we often think only of buyers, sellers and / or a neutral market, the current times, epidemics and related, health and economic crises, will probably have long-term effects and measures that can change this horizon permanently. With this in mind, the article will attempt to briefly consider, test, review, and discuss 4 specific, real estate elements that will likely go through game-changing, long-term, expiration, change, and confusion.
1. Housing market, pricing, buyers, etc.:
Since so many states have imposed restrictions on so-called, social distance, necessity, housing sales, marketing, etc., it has completely stopped! When this crisis is long overdue, how can this market be affected? I believe that the combination of low rates and willingness on the part of some people to take part in this important part of the American dream can strike some balance on the other hand, in most cases we will see the country as a whole be the buyer. This is mainly due to the stock market price and the dramatic decline in prices, etc. and as a result many will see that their fixed assets have dropped significantly. Perhaps, there may be some government programs, to help, but these must be sure, we don’t see a real estate bubble anymore because of the domestic funding program!
2. Storefront / Retail:
Because, many had to develop alternative, technology-based ways to sell their products, the current trend in the conventional retail market, which was already challenging, intensified! In the near future, we will probably not see any major improvements and thus more openings. How will the ability of these small, property owners to maintain and bear ownership in particular be affected? This, too, will probably lead many companies to decide that they will need less space and, obviously, will have a significant impact!
3. Office space:
This crisis has made it necessary for many companies to work remotely, to keep employees. Longer, it continues, many corporations will probably believe and understand, they do not need, almost office space and related costs? How will this affect the amount of opening and the lease price?
4. Rented apartments:
Since fewer people are likely to own their own home, more apartments will be rented! However, as many will probably have a lot of posts – a mindset of frustration, because the economic and scary aspects of this crisis will probably hit the potential, luxury apartment markets!
From an economic point of view the immediate steps of this crisis are, perhaps, significant in the real estate industry and related markets! Get ready!