Wednesday, June 23, 2021 / by Christine Elwood
The last year and a half have been challenging for people across the globe, and many industries have had to adapt to keep providing service to keep up with demand. For the real estate industry, this was no different. With extreme uncertainty and fast-paced market movements, the real estate industry saw a massive shift in how people bought and sold homes. Even though these changes were a response to the pandemic, we expect some changes will remain in the short run, and some will stick around for good.
Whether you are buying your first house or looking to maximize your profit from the sale of your home, you may be overwhelmed by the speed of today's market. With inventory remaining low, it can be hard as a buyer to find your dream home, and when you do, the property may come off the market in as fast as a few hours. On the other side, sellers with strong marketing are experiencing a high volume of showings and multiple offer situations that need to be vetted quickly. Take too long and buyers move on to the next opportunity. While this may change in the future, if you are not prepared to be available 24/7, the current housing market can be daunting to navigate. Therefore, having a good realtor is crucial! Your realtor is there to handle the day-to-day activities with your goals in mind and will help you achieve them even when the market is extremely fast paced.
Buying real estate online is not new to the pandemic, in fact, most people were already using web-based applications to search for homes. What has changed most drastically is how people are buying and selling homes online. In some cases, we have seen buyers purchasing homes without ever stepping foot on the property. We have also seen many sellers utilizing virtual open houses to safely attract potential buyers, however, it has helped with accessibility and created more opportunities all around. Having your home online and properly marketed to potential buyers is now more important than ever. Your realtor or real estate team can help you stay on the leading edge of real estate technology, and make sure you can access homes in real-time or help you find pre-approved buyers for your home.
From a different perspective in the real estate market, we saw a vast number of landlord and tenant issues arise. These changes over the past year that has impacted how people will invest in real estate. Owning investment properties is a great way to secure financial wealth, however, there are risks associated. Many eviction moratoriums were established during the pandemic straining landlord and tenant relations. Landlords in this time were liable for their mortgages, utilities, taxes, etc. with no guarantee of rent payments. While many programs were established to assist these landlords, the risks associated with renting property are now seen with a greater perspective.