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New Normal 2020 when buying a house.

Posted By Paul Xumsai on July 04, 2020 in Global Real Estate

The New Normal 2020 when buying a house No need to be near to work anymore

The global pandemic of COVID-19 has become an important factor in changing the way of life of all people around the world. For good or for bad, every business sector is adapting to a new way of conducting business. Business groups are now faced with the “New Normal” due to changed consumer behavior. So, let’s take a look at the new normal of real estate.

BUYING A HOUSE SIGHT UNSEEN

OK, so this may not be true for many consumers. But, the point is that the general public in now relying on the Internet and social media more than ever for when searching for a new home. For agents, it’s very important to display the properties for the curb appeal. 

A picture is worth a thousand words. Nothing can be truer than in real estate. Hire a professional photographer and videographer to get the best shot. Virtual tours have become a great option to draw people’s interest.

WORK FROM HOME

For many consumers, there is no longer a need to live near the office. Due to the coronavirus, many companies have implemented a work from home policy. As a result, the option of living in the suburb now exists. Families may now opt to buy a bigger home with a backyard, instead by coupe in a small downtown condo.

BUYERS REDUCES BY 30-50%

The global pandemic has dried up real estate markets around the world. Due to Covid-19, real estate transactions are down 30-50% depending on where you live. Many homebuyers have either lost their jobs or been furloughed. Others have chosen to just wait and see.

With the lower demand in some markets, investors and entrepreneurs are taking full advantage of the golden opportunity. The shrinking demand has brought prices to come down. Desperate owners are being forced to lower prices to attract buyers.

THE NEW NORMAL

With the shift in consumer behavior and trends in the marketplace, real estate agents have to adapt to a new lifestyle change. Consumers have more options for searching and buying. Information is readily available on the Internet. Agents need to change with the trend. 

The use of technology to promote your business is an investment in the future.

 

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