Common sense would say that real estate may not be the first thing on Americans’ minds during a pandemic, and how people are searching online is backing that up, according to Point 2 Homes. Google Trends shows a marked dip in searches related to “real estate,” “houses for sale,” and “condos for sale.” Additionally, traffic to Point 2 Homes' website is also down, falling 35 percent in just one week. And as sellers stop open houses and move to virtual showings, the industry will continue to change. Point 2 Homes has rounded up charts to show the change in search volume as well as professional opinions on the outbreak.
The Coronavirus outbreak, which originated in Wuhan but has extended into 162 countries and territories, is now officially a global pandemic. With over 198,000 confirmed cases, a number that changes by the hour, the virus is slowly but surely bringing everything to a grinding halt.
The measures taken to contain its spread, the most important of which seem to be social distancing and home isolation, are leading to one of the most severe economic contractions in recent history or, according to some top economists, to the beginning of a global recession. And this worrying scenario, although it might be too soon to tell, could soon unfold before our eyes.
COVID-19 Already Has Dramatic Short-Term Impact on Real Estate Market
The real estate market was picking up speed, but the Coronavirus outbreak and the measures needed to contain it inflicted a sharp shock to the system, creating ripple effects that will probably extend farther and wider than anyone can anticipate.
Advertisement
Related Stories
Affordability
What Are Our Affordable Housing Options? Really
There are a range of ideas out there for addressing the housing affordability crisis. And while offering more housing choices is great, which of those are truly solutions to affordability?
Business Management
Happiness and 'The Bear'
Can happiness be the core strategy of a home building business? It can ... and it probably should be
Business Management
Young, Old, and Gold
The September/October issue of Pro Builder magazine is my favorite among the “kids” we’ve delivered so far this year