Top 5 Positive Impacts from COVID-19 on the Real Estate Market
Updated: Mar 17
A funny thing happens in real estate. When it comes back, it comes back up like gangbusters. – Barbara Corcoran
After being locked up in our houses due to COVID-19 lockdowns, we see how vital homes are to mental health and our quality of life. The lockdowns damaged many industries, but it has positively affected real estate.
Here are our top 5 positive impacts on real estate due to COVID-19:
Suburbs are “cool.” After decades of cities attracting back families and workers, COVID-19 reinvigorated the “Burbs.” Families being together at home for months has increased the desire for space, and building permits exploded up almost 20% over 2019. Reuters U.S. housing starts, building permits power ahead in November talks how this trend has no chance of slowing in 2021.
Where real estate goes, the economy goes. America, like the world, struggles to get back on its feet after months of business shutdowns and stay at home orders. But with the real estate boom, there will be strong support for quick recovery once COVID-19 is under control. In the article, Real Estate's Impact on the U.S. Economy Why Buying a Home Helps Build the Nation, we learn about this ripple effect and how it gives us hope for our economic future.
Out with the old and in with the New. Looking at the old carpet or outdated kitchen during lockdown has spurred a remodeling boom. The real estate industry has long tentacles. Home sales are just a small part of the impacts a robust real estate market has on our communities. Home Depot, local tradesman, and do-it-yourselfers are all lending a hand to push the home improvement market during the COVID-19. Pandemic home remodeling is booming: Here’s what your neighbors are doing, talkshow home additions in 2020 have skyrockets a fantastic 52%!
Remote means more customers. The world is now a real estate agent's oyster as customers from anywhere can view listing and interact with agents in real-time through remote showings. COVID-19 educated the public on the value of zoom, facetime, and live stream connections to stay healthy and efficient. This lesson has translated to the real estate industry. How Agents are Adapting to COVID 19 shares this trend and how it is here to stay.
We are in this together. COVID-19 has strong community ties. The Positive Impact of COVID-19 on the Real Estate Industry shares how the real estate community helps the community.