How Disruptive Will the COVID-19 Pandemic Be to Real Estate?
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.