As businesses reopen and restrictions are lifted, life slowly begins to return to normal here in the Triangle. Real estate, too, is returning to its summer swing, after a slower-than-anticipated spring season. However, the pandemic changed real estate, and some of those changes just might stick around.
Ways the COVID-19 Pandemic Changed Real Estate
The pandemic brought about a lot of changes, most of them temporary. But some of the effects on real estate might stick around, at least for a while. So, just how did the coronavirus change real estate?
Much of real estate is done online
Even before response to the COVID-19 virus shut down businesses and restricted social gatherings nationwide, much of the home search process was done online. Once social distancing measures went into effect, agents quickly found ways to push more and more of the home search experience to the internet.
Even as businesses reopen and social distancing measures loosen, many agents and businesses have continued to offer online or virtual resources for the safety and convenience of their clients.
New virtual resources have surfaced
Part of moving real estate online was finding new ways to do traditionally in-person things, such as discussing goals or showing homes. More and more agents pushed to include online features, such as virtual tours or video walkthroughs. Most agents now offer video meetings via online chat, and many additionally will take clients on virtual showings of active listings.
The restrictions around the pandemic forced agents to be creative in their business, and that creativity has led to a host of new services and ways of doing business.
Buyers are looking towards the suburbs
Another major change to real estate comes in the form of buyer wants. Prior to the pandemic, many buyers favored urban settings, condos, and walkable communities. After spending increased amounts of time at home, many buyers have turned instead to the suburbs.
Because the Triangle is a largely suburban area, we may find increased buyer traffic, particularly in single-family home neighborhoods offering larger homes or larger yards.
It’s a low-inventory sellers’ market
Actually, we’ve been in a sellers’ market for some time now. For many months, in fact, the number of homes for sale has been shrinking. Once the pandemic struck, however, many sellers opted against listing their homes or even took homes off the market. Buyers, on the other hand, have been quite active, particularly as interest rates continue to hover near all-time lows.
The result of high buyer demand and low seller activity is very low inventory. While low inventory is good for holding prices steady and stabilizing the market, inventory that drops too low can ultimately deter buyers and slow the market.
Thinking of Making a Move in the Triangle?
Are you thinking about buying or selling a home in the Triangle area of North Carolina? We’d love to help! Contact Carla Freund Realty today to learn more about how we can help you achieve your real estate goals in Raleigh.