Unfortunately, the COVID-19 pandemic continues to affect our lives and our work. While there's no doubt that it has and will continue to change the real estate industry and the way we conduct business, it hasn't been all bad!
We've seen a rise in digital closings (think RON and RIN), seen a host of new operational standards like work from home and remote closings, and restrictions have had — and continue to have — an impact on many markets. While these changes were initially seen as setbacks, the title industry has embraced what was thrown at us and the rebounding real estate market is a direct result of that tenacity. Bravo title friends — you are amazing!
Here are the real estate trends happening now:
- The housing market is continuing to make a steady recovery. With interest rates at record lows, the number of qualified buyers continues to increase, creating a larger demand for homes to purchase. However, the supply of homes for sale has not been able to keep up with the pace of demand, leading to bidding wars and inflated prices in some markets.
- As many people continue to work from home, commutes have become less of a factor in the homebuying processes. Some buyers are now looking to move further outside of major cities where they can get more bang for their buck.
- Many business are reevaluating their brick and mortar space. With more employees working from home, some businesses are looking to downsize to smaller spaces and are open to relocating their offices to the suburbs in search of lower rent prices.
- COVID-19 safety protocols and social distancing requirements are top of mind as companies start planning and implementing their return to the office. Businesses have had to rethink the layout of their work spaces to allow for physical distancing and some have implemented rotational schedules to reduce the number of employees present in the office on a given day.
While we continue to navigate these unprecedented times, the foreseeable future of the real estate industry is positive. Historically low interest rates are driving buyers to act quickly. Our industry will continue to thrive and we will continue to adapt to the changes that come our way.