No one can deny, 2020 has been a challenging year for everyone, but especially for the ones who found themselves isolated in a too-tiny house. People who ended up isolated in cities that shut down entirely due to the pandemic have looked for places to retreat away from busy towns, which were typically used for vacations and holidays. It sounds ideal if you have a summertime house, but those who don’t have one must look for solutions. Surprisingly, people decided it’s the time to invest in real estate, even if they’re in the middle of a world crisis that threatens everyone’s financials.
People worldwide are swooping in to purchase houses while the prices are low, the market is damaged, and the economy weak. The ones who afford to buy real estate in 2020, are getting amazing deals because many sellers are eager to get rid of their properties, and they don’t afford to wait until the market regains stability.
Why do people buy real estate even if the pandemic still affects the entire globe?
Real estate prices are lower than ever
Even the highest-priced markets in the world have registered drops in prices in the spring. For example, the NYC real estate sales dropped by 54% in the last months, a higher decline than the market registered over the previous 30 years.
In Europe for example, the market manifests low activity, the sellers are desperate, and the industry faces an economic slump, so everything works in favour of the buyer. The ones who plan to buy a house in Norway, can find exclusive properties at affordable prices if they work with a real estate agent. All they have to do is find an expert with the help of a platform like Meglerportalen.no, who will match them with a property that meets their standards. Now buyers can acquire real estate they didn’t even dream of affording in 2019.
It’s reported to be the most significant price decline in the real estate world in the past decade, and countries worldwide face the same conditions.
People now understand the real value of a home
Now that everyone is stuck at home, they suddenly realized how important it is to create a cosy and welcoming environment. The pandemic also made them realize it’s best to have a bigger house. Even if the market registers a drop in sales at present, the quarantine may be one of the most fabulous PR accidental campaigns it has ever faced because it showed people they need larger houses. So, once the pandemic is over, it’s expected people to push their budgets a little and invest in bigger properties.
Homes became offices
Aside from essential workers, everyone works from home, and people found themselves having to convert their houses into offices. Working from the living room couch in their pyjamas suddenly doesn’t seem so thrilling, when the months go by, and the back pains are growing.
Once the world understood that the work-from-home culture is here to stay, people realized they need larger houses. Luckily for the ones who afford, buying a home with an extra room has never been so affordable.
So even if the lockdown has disrupted the real estate industry as you knew it, it also brought some trends that promise to keep the market profitable in the long term.