2020 was a year that no one saw coming. 2020 brought an abundance of challenges to many different parts of life. Businesses of all types had to figure out a way to still thrive in order to serve their customers.
The real estate world was not any different. Real estate firms and agents of all kinds had to come together to figure out a way to still let their customers buy and sell through them. This was not an easy task to do but it provided the real estate world with must haves in order to survive: pandemic or not.
According to an article about the biggest lessons learned in 2020 for the real estate world from Keeping Current Matters, staying updated on what is happening on the market is essential. Of course, agents must stay on the top of their game at all times in order to successfully work with a client to either buy a home or sell a home but, 2020 taught us that things could change at a moment’s notice on a day-to-day basis. Being able to talk with your clients about what is going on or what will happen is an important part of the transaction.
Because of this pandemic, people are coming to conclusions about where they live. The urban to suburban shift has sent shockwaves through the real estate market. As in person work turned to virtual, some of the urban population realized they might need more space to do their work or even lower density areas. People also have had the option to work from anywhere they like, outside of larger cities, because of this shift to remote work. Some people might have only been living in a city due to their job but now with the ability to work from home, they have had the opportunity to move to a different area, outside of the city.
With being in your home day in and day out, some have come to realize that they need a change. Whether it be new furniture, a remodel, or a new home all together, being in your home all day every day makes you realize how important your living space is. Change is good, especially when you see the same things every day. Changing your living space may be as simple as replacing an end table, remodeling your bathroom, or moving to a bigger/smaller house but changing something will leave you feeling better than before.
Although we all were in quarantine and trying to stay home as much as possible, the housing market did not slow down or come to a halt. The low mortgage rates combined with the best housing market ensured that the inventory did not run out. People were still selling and buying, even though it looks a bit different. In-person walk throughs turned into Facetime calls with your agent. Above all else, agents showed their true passion for real estate to their customers when they needed it the most.
2020 truly had an impact on the real estate market as with everything else. 2020 taught us that as long as you try your hardest to make things work, you will come out the other side.