How Might The Property Market Change After Covid-19
As buyers and sellers return to the market (and with open houses and presentation centres now reopening, albeit with pandemic related safety measures in place), it’s a good time for everyone in real estate to consider if the near future will look different.
In particular, we’re going to look at how the priorities for buyers might change, and how that could affect the market.
A Buyers Market
The forecasts vary, with estimates ranging from a drop of 5% in house prices, all the way up to 20%. However, one thing that can be predicted even now, is that when the market resets after the Covid-19 pandemic, it will be favouring buyers.
This doesn’t just mean greater competition amongst sellers, it could also mean a new demographic of buyers flooding the market. In particular, we can expect to see young professionals from industries that have remained stable looking to enter the market for the first time.
Working From Home
Another huge paradigm shift brought about by the pandemic has been the rise in the number of people working from home. While some companies are expected to return to the offices, many may also choose to change the way they operate, with workers spending more time working remotely.
For Realtors, this means offering a spacious, comfortable, and stylish home office area just became that much more important.
When it comes to building with communal facilities (such as condos), Realtors and developers are anticipating a focus on outdoor spaces, as well as larger lobbies and other indoor areas to allow for more personal space and distancing.
Some are even anticipating a need for faster elevators, as people become more health conscious in the aftermath of Covid-19.
Whether buying or selling, the key to getting the outcome you want is aligning yourself with experts. Here at Jack Barker we pride ourselves on our knowledge, experience, and excellent service. To find out more about what we can do for you, contact us today.