Technology will play an even bigger role
When it became clear that people couldn’t spend their weekends cruising open houses anymore, realtors scrambled to make the most of their virtual offerings.
“Technology, now more than ever, is instrumental in keeping our business moving in a positive direction during this crisis, noting the switch to video tours, Zoom, and an increased reliance on social media to connect with prospective buyers and sellers. “It is critical for agents to adapt and be forward thinking and creative in this climate.”
Still, it’s unlikely that many people are willing to accept a virtual tour as a legitimate substitution for seeing a house in person.
“Agents and sellers are quick to recognize this is an industry that continues to involve a lot of face-to-face interactions. “People want to walk through a home in person, but especially in the earlier stage of the home search.”
Situation is not same as 2008
Realtors and economists alike are quick to point out the differences between the current real estate market and the one that collapsed in 2008. In India, the market was comparatively strong prior to COVID-19, thanks to low mortgage rates that got buyers out looking for property early this year. But we also have a housing shortage — a strong contrast to what we faced in 2008.
Through 2019 and the first two months of 2020, We saw increased home sales and home prices, “Alternatively, in 2008 there was a surplus of inventory, an overproduction of new construction, and the reins weren’t as tight on the lending side, meaning buyers could more easily get mortgages. We don’t see those same factors in 2020.”
“Once the economy can return to normal, and people can get back to normal, I think the fundamental shortage of homes will still be there, “That’s why I don’t see much prospect for prices to fall very far as a consequence of this.”
As far as my point of view I feel this is a golden time for the end users to purchase their dream home as this opportunity does not remains for long as the good inventories are on finishing side on cheaper rates.
Once the cost of construction increases due to various economics factors builders can never offer the same rates as prevailing presently.
People who have realized the same have already started taking action and booking their houses.