People have changed the way they do business in response to the COVID-19 pandemic, and that could lead to a permanent change in the way real estate transactions are processed too, experts say.
Consumers will most likely depend on real estate agents more than they’ve done in the past, wrote Jennifer Anderson, a San Diego real estate professional and an honoree in the National Association of Realtors’ “30 Under 30” class of 2014, in Forbes magazine.
“Even though most buyers will always prefer in-person walk-throughs, virtual showings offer a beneficial intermediary step for both buyers and sellers,” Anderson wrote. “Technologies like augmented and virtual reality were a lifeline for the real estate industry during strict social distancing regulations.”
Anderson said that an increasing number of agents are likely to adopt these new technologies to digitize sales as they move forward. What with health and safety concerns now paramount, buyers are also likely to look to their agents for more information about financial impacts and environmental considerations, she said.
In addition, Anderson said she predicts more people will move from high-density areas in city centers to the suburbs and exurbs as they tend to prefer having more space. She also sees an increase in the number of people buying second homes in less populated areas.
“COVID-19 won’t stop us from buying and selling homes, but it will change how, where, when, and why we buy,” Anderson said. “By working with a forward-thinking agent and utilizing the latest technology, you can prepare for an uncertain future and make a smart investment in your long-term health and happiness.”